Sector News

Endo looks to acquire Auxilium in $2.2 billion deal

September 17, 2014
Life sciences
Endo International is looking to acquire Auxilium Pharmaceuticals in a deal worth $2.2 billion.
 
Its offer of $28.10 per share in cash and stock represents a premium of 31% to Auxilium’s closing price yesterday (September 16), though the latter’s shares shot up 37% to over $29.50 in after-hours trading.
 
The chief attraction of Endo is Xiaflex (collagenase clostridium histolyticum) which is approved in the USA for Dupuytren’s contracture, which affects the connective tissue beneath the skin in the palm of the hand, and Peyronie’s disease, which causes a bothersome curvature of the penis during sex. It has a total of 12 Food and Drug Administration-approved products in urology, orthopaedic and other areas, including Stendra (avanafil), an oral erectile dysfunction drug, which are “natural complements to the men’s health and pain products in Endo’s pharmaceuticals portfolio”, the latter firm claims.
 
Rajiv De Silva, Endo chief executive, said the proposal would provide Auxilium shareholders “a substantial premium and immediate cash value for their investment…as well as the opportunity to participate in the upside potential of a leading global specialty healthcare company”. He added that Endo “stands ready to engage immediately with Auxilium, complete our confirmatory diligence, negotiate a definitive agreement and complete this exciting transaction”.
 
Auxilium is saying nothing for the moment about the Endo bid but just a week ago announced it was reducing its headcount by 30% in a bid to reduce operating expenses by more than $75 million. It is also in the process of acquiring Canadian biotech QLT.
 
By Kevin Grogan
 
Source: Pharma Times

comments closed

Related News

September 25, 2022

Rise of the machines: Novo Nordisk pledges $200M to create first quantum computer for life sciences

Life sciences

Big Pharma has long seen the potential for AI and machine learning to accelerate drug development. But Novo Nordisk is going a step further by channeling $200 million toward the creation of a computer that will outrun anything in existence.

September 25, 2022

Mount Sinai AI uncovers new brain analysis method to predict dementia, Alzheimer’s disease

Life sciences

Current methods for diagnosing Alzheimer’s disease rely on a complex combination of self- and caregiver-reported symptoms, a physical examination and either a PET scan or a spinal tap to look for evidence of amyloid plaque build-ups in the brain. But a new artificial intelligence-based method may make the diagnostic process a much more objective one.

September 25, 2022

New AstraZeneca-backed report finds big money behind diverse owners and entrepreneurs in Europe

Life sciences

There is lots of talk about diversity and inclusion in business, including in pharma and medtech. A new report by the Open Political Economy Network (OPEN), a think tank focusing on migration and diversity, released its “Minority Businesses Matter: Europe” report highlighting the successes and challenges of ethnic minority-owned businesses in Europe.