March 19, 2015
Willkie client Centerview Partners serves as financial advisor to Salix Pharmaceuticals.
On March 16, Valeant Pharmaceuticals International, Inc. and Salix Pharmaceuticals, Ltd. announced they had entered into an amendment to their merger agreement with a total enterprise value of approximately $15.8 billion. Willkie represented Centerview Partners, a financial advisor to Salix.
Pursuant to the amendment, Valeant increased its offer price to acquire all the outstanding common stock of Salix, a leader in the gastrointestinal market, to $173.00 per share in cash, from its initial cash offer of $158.00 per share. Valeant’s increased offer follows a March 11 offer by Endo International plc to combine with Salix in a cash-and-stock transaction. On March 16, Endo announced it had withdrawn its offer.
Based in Raleigh, NC, Salix develops and markets prescription pharmaceutical products and medical devices for the prevention and treatment of gastrointestinal diseases.
Click here to read Willkie’s announcement of Valeant’s initial offer, and here to read Willkie’s announcement of Endo’s offer.
The Willkie deal team was led by partner Steven Seidman and included partners Laura Delanoy, Sean Ewen, Tariq Mundiya and Antonio Yanez, and associates Laura Acker and Margaret McSpadden.
