LAVAL -- Valeant Pharmaceuticals International Inc. says its US$11.1-billion friendly takeover bid for Salix Pharmaceuticals, Ltd. was successful, with about three-quarters of all Salix shares tendered by the deadline early Wednesday.
Valeant's offer of US$173 in cash per Salix share defeated a rival bid from Dublin-based Endo International, which had offered a combination of stock and cash valued at about US$175 per share.
The Montreal-area drug maker had set April 1 as the deadline for Salix stockholders to submit their shares. The price was to drop back to US$158 per share if conditions of the offer weren't satisfied by April 8.
Valeant said before markets opened Wednesday that it expected to complete the Salix acquisition later in the day.
The Canadian company is banking on the U.S. Food and Drug Administration granting approval for Xifaxan, a new Salix drug to treat irritable bowel syndrome with diarrhea.
North Carolina-based Salix will become a subsidiary of Valeant, which has a diversified portfolio of pharmaceutical products.
