Endo Confirms Proposal To Acquire Salix Pharma For $175 Per Share

(RTTNews) - Endo International plc (ENDP, ENL.TO) Wednesday confirmed it offered to acquire Salix Pharmaceuticals Ltd. (SLXP) for $175.00 per share in a cash and stock transaction.

If a deal is agreed with Salix, Endo expects to close the acquisition in the second quarter and is confident to get required regulatory and shareholder approvals.

Dublin, Ireland-based Endo sees its proposal as "Superior Proposal" compared to Salix's merger deal with Canadian drug maker Valeant Pharmaceuticals International Inc. (VRX, VRX.TO).

Last month, Valeant agreed to buy gastrointestinal drug maker Salix for $158 per share in cash.

Salix is largely popular for its gastrointestinal products, which includes brands Xifaxan, Uceris, Relistor and Apriso. Salix is also nearing approval for a potential treatment of irritable bowel syndrome.

Valenat counts on the acquisition of Salix after last year's failed attempt to acquire Botox maker Allergan Inc. (AGN). Irvine, California-based Allergan was later acquired in November 2014 by specialty pharmaceutical company Actavis plc (ACT) in a deal valued at $66 billion.