Salix To Review Endo Offer

(RTTNews) - Salix Pharmaceuticals, Ltd. (SLXP) confirmed Wednesday that it has received an unsolicited proposal from Endo International plc (ENDP) to acquire all of the outstanding shares of common stock of Salix for a combination of 1.4607 shares of Endo common stock and $45.00 in cash per share of common stock of Salix.

Salix said its Board of Directors, in consultation with its financial and legal advisors, will carefully review and consider the proposal and pursue the course of action that it believes is in the best interests of the company's shareholders.

Last month, Salix agreed to be bought by Canadian drug maker Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) for $158.00 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 buy Botox maker Allergan Inc. (AGN). In November, specialty pharmaceutical company Actavis plc (ACT) agreed to buy Allergan in a cash and stock deal valued at about $219 per share or $66 billion.