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Stock Market & Financial Investment News

News Breaks
July 10, 2014
06:56 EDTSLXPSalix price target raised to $192 from $126 at Piper Jaffray
Piper Jaffray raised its price target for Salix Pharmaceuticals shares to $192 to reflect the Cosmo merger and contribution from Xifaxan in diarrhea-predominant irritable bowel syndrome. Piper sees low FDA risk given the IBS data and reiterates an Overweight rating on the stock.
News For SLXP From The Last 14 Days
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February 23, 2015
06:37 EDTSLXPSalix downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray downgraded Salix Pharmaceuticals (SLXP) to Neutral saying that while it could "easily see" another bidder emerge, it does not expect any potential competing bids to be significantly higher than the Valeant (VRX) offer. Piper lowered its price target for Salix shares to $158 from $160.
06:05 EDTSLXPValeant to host conference call
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February 22, 2015
16:07 EDTSLXPValeant confirms acquiring Salix for $158 per share
Valeant Pharmaceuticals International (VRX) and Salix Pharmaceuticals (SLXP) announced that they have entered into a definitive agreement under which Valeant will acquire all of the outstanding common stock of Salix for $158 per share in cash, or a total enterprise value of approximately $14.5B. The transaction was approved by the Boards of Directors of both companies. Salix Pharmaceuticals is a widely recognized gastrointestinal market leader with a portfolio of 22 total products, including well-known prescription brands Xifaxan, Uceris, Relistor, and Apriso, as well as a strong near- term pipeline of innovative, new assets. "Salix's market-leading gastrointestinal franchise is an ideal strategic fit for Valeant's diversified portfolio of specialty products," said J. Michael Pearson, Valeant's chairman and CEO. "The growing GI market has attractive fundamentals, and Salix has a portfolio of terrific products that are outpacing the market in terms of volume growth and a promising near-term pipeline of innovative products. With strong brand recognition among specialist GI prescribers, a highly rated specialty sales force, and a significant product and commercial presence across the undertreated and underserved gastrointestinal market, this acquisition offers a compelling opportunity for Valeant to create a strong platform for growth and business development." The combination is expected to yield greater than $500M in annual cost savings from the cost base of the combined company. Synergies are expected to be achieved within six months of close, primarily from reductions in corporate overhead and R&D rationalization, with the cost to achieve these synergies to be approximately 65%. Valeant and Salix will determine how best to integrate the two companies to leverage the combined strengths of both while ensuring a smooth and orderly transition. Consistent with Valeant's approach to integrating Bausch + Lomb, there are no planned reductions to Salix's highly rated specialty sales forces or hospital, key account and field reimbursement teams and we will determine the optimal size of Primary Care Sales Force through the integration process.The acquisition is structured as an all-cash tender offer for all of the outstanding shares of Salix common stock at a price of $158 per share followed by a merger in which each remaining untendered share of Salix common stock would be converted into the right to receive the same $158 cash per share consideration as in the tender offer. The all-cash offer will be financed through a combination of bank debt and bonds. As a result of the need to draw down inventories, EBITDA will be artificially low in 2014 and 2015, resulting in the initial net leverage ratio of approximately 5.6. Valeant is committed to reducing its net leverage ratio to be below 4.0 by the second half of 2016. As a result of the plan to reduce wholesaler inventory levels in 2015, the transaction is expected to be modestly accretive to 2015 cash EPS, but over 20% accretive to 2016 cash EPS. Valeant does not expect any change to its credit ratings as a result of the transaction. The transaction, which is expected to close in the second quarter of 2015, is subject to customary closing conditions and regulatory approval.
15:59 EDTSLXPValeant to buy Salix for $10.1B, FT says
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February 20, 2015
09:45 EDTSLXPValeant near deal to acquire Salix, CNBC's Faber reports
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09:43 EDTSLXPValeant nearing deal to acquire Salix, CNBC's Faber reports
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07:08 EDTSLXPAmerican Academy of Allergy, Asthma and Immunology to hold annual meeting
2015 Annual Meeting of AAAAI is being held in Houston, Texas on February 20-24.
February 18, 2015
10:48 EDTSLXPSalix valuation, litigation influencing potential buyers, dealReporter says
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10:32 EDTSLXPOptions with decreasing implied volatility
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February 17, 2015
18:17 EDTSLXPJANA Partners gives quarterly update on stakes
NEW STAKES: NCR (NCR), Liberty Ventures (LVNTA), Solarcity (SCTY), Computer Sciences Corp (CSC), Salix (SLXP), and Applied Materials (AMAT). INCREASED STAKES: Hertz (HTZ), Valeant (VRX), Walgreens Boots Alliance (WBA), Rackspace (RAX), and HD Supply (HDS). DECREASED STAKES: AIG (AIG), Actavis (ACT), Charter (CHTR), AerCap (AER), and Energy Transfer Equity (ETE). LIQUIDATED STAKES: Equinix (EQIX), Cameron International (CAM), Dollar General (DG), QEP Resources (QEP), and Amgen (AMGN).
18:06 EDTSLXPPaulson & Co gives quarterly update on stakes
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10:51 EDTSLXPOptions with decreasing implied volatility
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February 13, 2015
18:09 EDTSLXPEndo interested in buying Salix, Reuters reports
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17:57 EDTSLXPEndo interested in buying Salix, Reuters reports
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10:00 EDTSLXPOn The Fly: Analyst Downgrade Summary
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06:28 EDTSLXPSources: Shire takes initial steps towards Salix bid, Reuters reports
According to sources, Shire (SHPG) is beginning to take steps towards a bid for Salix Pharmaceuticals (SLXP), including evaluating how to secure financing for a potential bid, Reuters reports. Bloomberg previously reported that Valeant (VRX) is weighing a bid of over $150 per share for Salix. Reference Link
February 12, 2015
17:00 EDTSLXPSalix downgraded to Neutral from Buy at Sterne Agee
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13:59 EDTSLXPValeant secures financing for Salix takeover, Bloomberg says
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13:38 EDTSLXPSalix up 4% after Bloomberg says Valeant lines up financing for potential offer
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13:37 EDTSLXPValeant said to weigh bid of over $150 per share for Salix, Bloomberg says
Valeant (VRX) is said to have secured financing for a potential bid for Salix (SLXP), Bloomberg says.
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