Sector News

Salix Pharmaceuticals and Cosmo Technologies Announce Termination of Merger Agreement

October 3, 2014
Life sciences
(BUSINESS WIRE) – Salix Pharmaceuticals, Ltd. (“Salix”) and Cosmo Pharmaceuticals S.p.A. (“Cosmo”)  today announced that they have agreed to terminate their previously-announced merger agreement pursuant to which Salix would have combined with, and become a wholly-owned subsidiary of, Cosmo Technologies Limited, a subsidiary of Cosmo. Under the terms of the termination, which is effective immediately, Salix will make a $25 million payment to Cosmo.
 
Carolyn Logan, President and CEO of Salix stated, “When we announced our agreement to merge with Cosmo Technologies in July we believed the combination would generate significant value for our stockholders through the addition of key products to our development pipeline and a more efficient corporate structure that would enhance our profitability. Since then, however, the changed political environment has created more uncertainty regarding the potential benefits we expected to achieve. As a result, Salix and Cosmo have mutually agreed to terminate the proposed transaction. We look forward to a continuation of our long-standing relationship with Cosmo.”
 
Alessandro Della Cha, CEO of Cosmo stated, “The deal with Salix showed the potential of three products of ours for US. The development path of the pipeline continued in the meantime, so this termination has no effect on value creation. Our focus is now on obtaining approval of SIC-8000 and filing Rifamycin SV and Methylene Blue NDA in the next months. While all strategic options are in our hands, we look forward to a continuation of our long-standing relationship with Salix.”
 
Source: Salix Pharmaceuticals, Ltd.
 

comments closed

Related News

October 17, 2021

Colorcon acquires a majority share in Ideal Cures Pvt. Ltd., India

Life sciences

Ideal Cures will operate as a fully independent entity within Colorcon. Their business complements Colorcon’s position in the Indian pharmaceutical market with a strong presence in the domestic generic sector comprised of long-standing customer relationships sustained by innovative and customized solutions.

October 17, 2021

Barriers exist, but participation urgent in breast cancer clinical trials: report

Life sciences

Across four new breast cancer treatments approved by the FDA last year, 2% to 9% of patients in clinical trials for the drugs were Black Americans and 0% to 9% were Hispanic, according to a new report from Breastcancer.org.

October 17, 2021

Danish consortium acquires part of Jernbanebyen to create one of the world’s healthiest urban villages

Life sciences

The southern section of Jernbanebyen in central Copenhagen has a new owner. The Baneby Consortium, comprising NREP, Novo Holdings and Industriens Pension, has bought the land from Freja Ejendomme. The ambition is to create a green, partly car-free environment that will also be one of the healthiest in the world. 

Send this to a friend