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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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December 18, 2014
15:23 EDTSLXPSalix stake taken by Paulson & Co., Reuters reports
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15:12 EDTSLXPSalix stake taken by Paulson & Co., some holders urging sale, Reuters says
December 17, 2014
10:02 EDTSLXPOn The Fly: Analyst Downgrade Summary
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09:05 EDTSLXPSalix reinstated with a Market Perform from Outperform at JMP Securities
After Salix provided an updated plan for an expedited inventory work-down, issued 2015-2016 guidance,and announced a three month extension of its Xifaxan IBS PDUFA, JMP Securities thinks the company's guidance reflects unsustainable low tax rates. The firm believes the PDUFA delay may indicate that there are higher odds that the company will have to face another Advisory Committee meeting which Salix does not expect. The firm does not expect the company to be bought in the near-term.
08:41 EDTSLXPSalix price target raised to $127 from $108 at Leerink
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07:54 EDTSLXPSalix price target raised to $147 from $117 at Canaccord
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07:38 EDTSLXPSalix price target raised to $136 from $116 at UBS
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07:27 EDTSLXPSalix price target raised to $123 from $103 at Jefferies
Jefferies raised its price target for Salix Pharmaceuticals shares to $123 saying the company's accelerated inventory drawdown is one year ahead of expectations. It also notes that while the PDUFA was extended for Xifaxan IBS-D, not complete response letter was issued. Jefferies still expects FDA approval in FY15 and keeps a Buy rating on Salix.
07:24 EDTSLXPSalix price target raised to $130 from $119 at Piper Jaffray
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December 16, 2014
12:46 EDTSLXPSalix still ideal takeover target as destocking accelerated, says Brean Capital
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09:16 EDTSLXPOn The Fly: Pre-market Movers
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07:07 EDTSLXPSalix expects to achieve wholesale inventory targets by year-end 2015
07:07 EDTSLXPSalix sees FY16 EPS $8.50-$9.50
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07:06 EDTSLXPSalix sees FY15 EPS $3.10-$4.10, consensus $4.49
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07:04 EDTSLXPSalix says FDA extends PDUFA data for Xifaxan 550 to May 27, 2015
Salix announced that on December 15, 2014, the FDA provided written notice to the company that it has extended the Prescription Drug User Fee Act Action Date for XIFAXAN 550 for the treatment of irritable bowel syndrome with diarrhea, or IBS-D, to May 27, 2015. The company remains confident that FDA approval for XIFAXAN 550 for the treatment of IBS-D will be obtained, and it maintains its previously-announced peak year sales estimate for this product of approximately $2.1B. However, there is no assurance that FDA approval will be obtained in a timely manner or at all.
07:03 EDTSLXPSalix accelerating reduction of wholesale inventory levels of Xifaxan 550
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07:02 EDTSLXPSalix withdraws previously issued guidance for Q4, FY14
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December 10, 2014
13:59 EDTSLXPSalix shares defended at Sterne Agee
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