Endo Withdraws Offer For Salix Pharma - Quick Facts

(RTTNews) - Endo International plc (ENDP, ENL.TO) confirmed that it is withdrawing its cash and stock proposal to acquire Salix Pharmaceuticals, Ltd (SLXP).

Endo said it is moving forward with its growth strategies and active pipeline of acquisition targets across its three core platforms - U.S. Branded Pharmaceuticals, U.S. Generic Pharmaceuticals and International Pharmaceuticals.

Endo said, "While we are disappointed with this outcome, we have been and will continue to be disciplined in our approach to potential acquisitions. We would like to wish Salix and Valeant continued success as they move forward with their transaction."

Earlier today, Canadian drug maker Valeant Pharmaceuticals International has amended its deal with gastrointestinal drug maker Salix Pharmaceuticals, now agreeing to acquire it for a sweetened $173 per share in an all-cash deal valued at about $11.1 billion. Including the debt, the deal value is $15.8 billion. The amendment was approved by the Boards of Directors of both companies.

Quebec-based Valeant had initially agreed on February 22 to acquire Salix for $158 per share in an all-cash deal valued at about $14.5 billion. The acquisition was approved by the boards of both companies and was expected to close in the second quarter of 2015.

The revised offer price provides an additional $1 billion in cash consideration to Salix stockholders.

Valeant added that the offer price will drop back to $158 per share If all of the conditions to the tender offer have not been satisfied by April 8, 2015.

Valeant raised the offer for Salix after Endo International PLC's (ENDP, ENL.TO) expressed its interest to buy Salix on March 11 for $175 per share in cash and stock, or $11 billion.