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Salix goes to market with 5.5 million shares

Salix

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MORRISVILLE, N.C. —  Drug-maker Salix Pharmaceuticals Ltd. (Nasdaq: SLXP) is offering 5.5 million new shares, the company said Wednesday. Salix set an opening price of $21 per share.

Current shares closed at $22 on Wednesday, their highest price since a stock split in 2004.

Salix said in a filing with the federal Securities and Exchange Commission that the sale will raise funds for business development and operations.

Analysts are forecasting strong sales growth over the next several financial quarters for Salix, which focuses on treatments for gastrointestinal diseases.

Jefferies & Company, Inc., is the underwriter.

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