Endo the road for Salix

Salix Pharmaceuticals Ltd. (NASDAQ:SLXP) gained $10.96 to $168.61 after Endo International plc (NASDAQ:ENDP; TSX:ENL) attempted to outbid Valeant Pharmaceuticals International Inc. (TSX:VRX; NYSE:VRX) with a buyout offer for Salix of $175 per share, or $11.2 billion in cash and stock. Salix has already accepted Valeant's offer of $158 per share, or $10.4 billion. Salix could not be reached for comment.

If Salix backs out of its deal with Valeant, it would owe Valeant a breakup fee of $356.4 million plus out-of-pocket expenses of up to $50 million (see BioCentury Extra, Feb. 23). ...