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Valeant completes Salix purchase

This article was originally published in Scrip

Executive Summary

The Canadian firm Valeant has completed its acquisition of Salix for $173 per share, giving the deal an enterprise value of $15.8bn. Raleigh, North Carolina-based Salix is now a wholly owned subsidiary of Valeant Pharmaceuticals International. Last month Valeant upped its offer to buy Salix, prompting Endo Pharmaceuticals to withdraw from the battle to acquire the gastro-intestinal focused company. In the next six months Valeant is likely to chop $500m from the combined company's costs through "R&D rationalization" and reductions in corporate overheads. Valeant will also cut Salix's inventory levels, which Salix admitted were unusually high.

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