Salix jumps on rumored Allergan bid
Gastrointestinal company Salix Pharmaceuticals Ltd. (NASDAQ:SLXP) jumped $21.63 (16%) to $160.80 on Tuesday on media reports that Allergan Inc. (NYSE:AGN) approached Salix regarding an acquisition offer. According to the Wall Street Journal, Allergan approached Salix and at least one other company about a potential acquisition, as it fends off a hostile takeover from Valeant Pharmaceuticals International Inc. (TSX:VRX; NYSE:VRX). Allergan declined to comment on the rumors, and Salix could not be reached. Allergan was up $6.21 to $161.82 on Tuesday.
Last Friday, Valeant disclosed in an SEC filing that it extended the expiration of its hostile tender offer for Allergan from Aug. 15 to Dec. 31. Valeant launched the hostile tender offer in June after Allergan's board rejected two prior bids (see BioCentury Extra, June 18). ...