Salix to acquire Santarus for $2.6 billion
Salix Pharmaceuticals Inc. (NASDAQ:SLXP) will acquire Santarus Inc. (NASDAQ:SNTS) for $32 per share in cash, or about $2.6 billion. The price is a 38% premium to Santarus' close of $23.22 on Thursday, before the deal was announced. Salix said the deal "solidifies its position" in the gastrointestinal market; the combined company will have 22 marketed products, including Santarus' heartburn drug Zegerid omeprazole and ulcerative colitis (UC) drug Uceris budesonide MMX, and Salix's constipation drug Relistor methylnaltrexone. Salix had $676.2 million in revenue for the first nine months of 2013. Santarus recorded $267.6 million in revenues for the same period. The boards of both companies have approved the deal, which is expected to close next quarter. Jefferies is advising Salix, and Stifel is advising Santarus.
With the deal close, Salix will return U.S. rights to rifamycin SV MMX ( CB-01-11) to Cosmo Pharmaceuticals S.p.A. (SIX:COPN). The broad-spectrum, semisynthetic, oral non-absorbable antibiotic formulated with Cosmo's MMX multi-matrix system technology is in Phase III testing for travelers' diarrhea. The companies did not provide further details. ...