After vying with companies such as Shire and Endo International, it has been announced that Valeant Pharmaceuticals will acquire Salix Pharmaceuticals. Here are five things to know about the acquisition deal, according to an xconomy report.
1. Valeant will acquire gastrointestinal drug company Salix for $14.5 billion, or $158 per share.
2. The boards of directors of both companies have given their approval to the deal. The transaction is expected to close at the end of the second quarter.
3. Salix's portfolio includes 22 marketed drug products, as well as a number of drugs in the clinical development phase.
4. Valeant is worth approximately $53 billion. The company expects the Salix acquisition to result in more than $500 million in annual savings, according to the report.
5. "Combining Salix’s leading market position in gastroenterology with Valeant's scale and resources will create a stronger and more diverse business committed to providing better health solutions to health care providers and their patients," said Thomas D'Alonzo, chairman and acting CEO of Salix.