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Stock Market & Financial Investment News

News Breaks
July 8, 2014
17:04 EDTSLXPSalix to combine with Cosmo Technologies
Salix Pharmaceuticals and Cosmo Pharmaceuticals announced a definitive merger agreement under which Salix will combine with Cosmo Technologies, a subsidiary of Cosmo. Under the terms of the agreement, Salix will become a wholly-owned subsidiary of Irish domiciled Cosmo Tech, which will change its name to Salix Pharmaceuticals, plc and is expected to have its ordinary shares listed and traded on the NASDAQ Global Select Market. The transaction is expected to be modestly accretive to Salix’s EPS in FY16 and increasingly accretive thereafter. Salix Pharmaceuticals, plc will own Cosmo’s U.S. patents for rifamycin MMX, methylene blue MMX and Uceris, and have specified rights of negotiation with respect to all products Cosmo or its affiliates seek to develop or commercialize in the U.S. In addition, Salix Pharmaceuticals, plc will acquire Cosmo’s patents for rifamycin MMX in Canada, specified Latin American countries, India, China, Japan and the rest of the Far East, excluding Australia and New Zealand, and Cosmo’s patents for Uceris in Japan. Upon completion of the merger, shareholders of Salix are expected to own slightly less than 80% of the ordinary shares of Salix Pharmaceuticals, plc and Cosmo is expected to own slightly more than 20%. Shareholders of Salix will receive one ordinary share of Salix Pharmaceuticals, plc in exchange for each share of Salix Pharmaceuticals, Ltd common stock they own at closing. In connection with the merger, Cosmo will continue to supply Uceris to Salix and will also supply rifamycin MMX and methylene blue MMX. Additionally, Cosmo will have the right to designate one director to serve on the board of Salix Pharmaceuticals, plc and will be subject to certain standstill provisions for at least 10 years following the completion of the merger. The transaction, which will be taxable to Salix’s shareholders, is expected to close in Q4.
News For SLXP From The Last 14 Days
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August 20, 2014
17:59 EDTSLXPAllergan talks with Salix in defense tactic said to be dormant, Bloomberg says
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17:35 EDTSLXPAllergan said to explore options outside of Salix acquisition, Bloomberg says
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10:53 EDTSLXPAnalysts say Salix takeover would boost Allergan
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09:46 EDTSLXPAllergan merger deal not imminent, CNBC's Faber reports
An acquisition by Allergan (AGN) is not imminent, CNBC's David Faber reports. Salix (SLXP) and Jazz Pharmaceuticals (JAZZ) are said to be potential targets of the company, Faber adds. Valeant (VRX) could announce over the next few days that it has enough votes to call for a special meeting, the reported said.
07:19 EDTSLXPPossible Allergan Salix deal could be 8% accretive in '15-'16, says Wells Fargo
After The Wall Street Journal reported that Allergan (AGN) had approached Salix (SLXP) and other companies about a potential acquisition, Wells Fargo thinks that a largely debt financed purchase of Salix could be 8% accretive for Allergan in 2015-2016, reaching 12% accretion in 2018.
07:04 EDTSLXPSalix buyout price could be near $192 per share, says William Blair
William Blair believes a combined Allergan (AGN) and Salix (SLXP) would be very attractive. The firm estimates a potential takeover price for Salix towards the high end of its $176-$192 per share range. Salix rose 16% yesterday to $160.80 after Wall Street Journal reported that Allergan approached the company and at least one other about a takeover.
August 19, 2014
17:14 EDTSLXPOn The Fly: Closing Wrap
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16:52 EDTSLXPAllergan all-cash deal would reduce hostile bid chances, says BMO Capital
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14:40 EDTSLXPSterne Agee says Allergan could pay up to $190 for Salix and still be accretive
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13:28 EDTSLXPJazz moves higher after WSJ report of Salix approach by Allergan
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13:15 EDTSLXPSalix options active after WSJ report of Allergan approach
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13:13 EDTSLXPAllergan approached Salix, one other about takeover, WSJ reports
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13:06 EDTSLXPSalix jumps 6% to $147.85 after WSJ report of Allergan approach
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13:05 EDTSLXPAllergan approached Salix about takeover, WSJ reports
07:02 EDTSLXPSalix announces early termination of HSR Waiting Period for Cosmo transaction
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August 18, 2014
17:18 EDTSLXPVisium Asset Management reports 4.9 % passive stake in Salix
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11:41 EDTSLXPCubist rises after report sparks takeover interest speculation
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