Salix Pharmaceuticals To Buy Santarus For $32/Shr - Quick Facts

(RTTNews) - Salix Pharmaceuticals, Ltd. (SLXP) announced a definitive agreement to acquire all of the outstanding common stock of Santarus, Inc. (SNTS) for $32.00 per share in cash, without interest. The all-cash transaction values Santarus at approximately $2.6 billion.

The purchase price represents an approximately 36 percent premium over Santarus' November 6, 2013 closing price of $23.53 per share. The companies expect to close the transaction in the first quarter of 2014.

Salix also announced its third quarter results, reporting that its GAAP net income surged to $47.3 million or $0.71 per share from prior year period's $16.5 million or $0.26 per share. Total product revenue increased 29 percent to $238.2 million.

Santarus reported third quarter net income of $30.3 million or $0.38 per share, compared to $9.0 million or $0.13 per share in the year-ago quarter. Non-GAAP adjusted earnings were $35.6 million or $0.45 per share in the third quarter of 2013. Total revenues grew 81 percent.