BioCentury
ARTICLE | Company News

Salix to acquire Oceana

November 9, 2011 1:57 AM UTC

Salix Pharmaceuticals Ltd. (NASDAQ:SLXP) will acquire Oceana Therapeutics Inc. (Edison, N.J.) for $300 million in cash. Salix will gain Oceana's two marketed products: Solesta for fecal incontinence and Deflux to treat children with vesicoureteral reflux, a malformation of the urinary bladder. Salix's portfolio includes gastroenterology products such as Xifaxan rifaximin to treat travelers' diarrhea and to reduce the risk of overt hepatic encephalopathy (HE) recurrence in patients with advanced liver disease.

Oceana launched Solesta in the U.S. in September. Salix believes peak-year sales for the injectable hyaluronic acid biocompatible, which is also marketed in Europe and Canada, could exceed $500 million. Oceana markets Deflux in over 40 countries, with worldwide sales of about $26 million for the first nine months of 2011. The deal, which has been approved by both companies' boards, is expected to close in December. Wells Fargo is advising Salix, and Jefferies is advising Oceana. ...