Canadian drug maker Valeant Pharmaceuticals Int’l Inc. (VRX) has agreed to buy Salix Pharmaceuticals (SLXP) for $158 per share, CNBC reported on Saturday. Salix develops drugs to treat various gastrointestinal diseases and is nearing approval for a potential irritable bowel syndrome treatment.
The all-cash deal, which values Raleigh, NC-based Salix at about $10.1 billion, would be the largest ever for Valeant and could be announced as soon as Sunday, according to the publication.
Salix shares rose $7.11 to $157.85 on more than 6.6 million shares on Friday, nearly eliminating any premium in the purchase price.
The deal with Salix marks a comeback for Valeant, which lost a long-running takeover contest for Allergan Inc. (AGN) last year, the maker of Botox.
Shares of Valeant closed at $173.26 on Friday.
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