Posts tagged “Salix”
In a presentation to investors, Valeant executives on Monday spelled out in great deal why the Canadian firm decided to buy Raleigh-based Salix in a deal worth $14 billion. We've got a slide show about the Valeant presentation.
Shares in Valeant Pharmaceuticals jumped 14 percent but Salix Pharmaceuticals fell slightly on Monday once stock markets opened and reacted to Sunday's announcement that Valeant is buying Salix in a deal valued at $14 billion. Three law firms are looking into the deal.
Raleigh-based Salix Pharmaceuticals could have to pay as much as $400 million if its $14 billion deal to be acquired by Valeant falls through. Salix says it will not seek another offer but if another comes along and Salix accepts it, Valeant would be paid a termination fee of $356M plus related costs up to $50M.
Raleigh-based Salix Pharmaceuticals has agreed to be acquired by Canadian drugmaker Valeant Pharmaceuticals in a deal valued at some $14 billion. The boards of both companies have already agreed to the terms, which were announced Sunday.
Sunday's announced acquisition of Salix by Valeant will not quite the turmoil that has engulfed one of the Triangle's best pharmaceutical success stories. In fact, in the short term, life is likely to get worse in a merger that is likely to lead to job cuts as part of $500 million in cost savings. Plus, the Triangle is losing another corporate headquarters.
AT&T launches GigaPower in KC; Valeant eyes Salix; Cary's new startup hub; Xiamoi No. 1, Lenovo No. 5 in China
In today's Bulldog wrapup of technology and life science news: AT&T launches GigaPower in Kansas City, taking on Google; Valeant reportedly eyes Raleigh-based Salix; a new startup hub in Cary; and Xiaomi tops smartphone sales in China while Lenovo is fifth on its home turf, says a new report.
Carolyn Logan, chief executive officer of Salix Pharmaceuticals, is retiring as of Jan. 30 in the wake of an inventory snafu that cost the Raleigh-based company some $3 billion in stock value in just a few hours and likely scuttled a merger worth as much as $10 billion.
Red Hat is set to announce its latest quarterly financials on Thursday, and Wall Street won't be surprised if the Hatters deliver better-than-expected results. Or will the Hatters disappoint? A new IBM deal may give Red Hat a boost going forward.
Salix Pharmaceuticals shares rebounded 7 percent Tuesday on news that the Raleigh-based company will launch a plan to reduce drug inventory by the end of 2015. Salix was rocked in November when it acknowledged big inventory problems.
Comcast pushes Time Warner merger; nContact lands $20M; Salix CFO's severance deal; YouTube adds music subscriptions
In today's Bulldog wrapup of technology and life science news: Comcast pushing "full steam" for Time Warner merger; RTP firm raises $20 million; Salix CFO gets severance package; and YouTube launches a subscription music service.
The chief financial officer at Salix is out; the Raleigh-based drug company reports inventory of a leading product is months higher than previously reported; and Wall Street dumps Salix shares with the price plummeting 40 percent. So when CEO Carolyn Logan opened an earnings conference call with analyst, the knives were out.
Russia removes Apple statue; Micell finds stent partner; $89B in ecommerce for Christmas; new Salix drug; SciQuet's product update
In today's Bulldog wrapup of technology and life science news: Russia removes an Apple statue after Apple CEO comes 'out;' Micell finds partner for stents in Europe; $89 billion forecast for ecommerce sales; Salix launches new drug; and SciQuest updates its product suite.
Lenovo class-action suit; new GSK probe; AT&T data breach; Salix drug wins OK; Facebook's anonymous app; Lenovo-NEC deal
In today's Bulldog blog wrapping up the latest technology and life science news: Lenovo settles a class-action suit over Wi-Fi; GSK faces another bribery investigation; AT&T data breach; FDA OKs Salix colitis treatment; Facebook is developing an app for anonymous posts; and Lenovo extends its partnership with NEC.
Salix Pharmaceuticals says a tougher U.S. tax policy against merger deals designed to lower taxes by moving companies overseas is why a $2.7 billion merger with Italy's Cosmo Pharmaceuticals is being called off. The deal will cost Salix a $25 million termination fee.
Raleigh-based Salix Pharmaceuticals is talking a possible deal with Allergan, according to multiple media reports. A deal would be worth $10 billion or more as speculation drives up the price of Salix shares to a record high.
Cisco execs sell $19M in shares; Nortel trial nears end; GSK launches 2 startups; Salix $100M settlement; AT&T Amazon bundle
In today's wrapup of tech and life science news: Several Cisco executives sell $19 million in shares; Nortel's huge bankruptcy trial nears end; GSK launches two startups; Salix reaches a $100M settlement; and AT&T's new entertainment bundle includes Amazon Prime.
Uber hires Obama exec; Salix near deal close; Ballmer leaves Microsoft board; Lenovo's NFL Fantasy; HTC's new phone
In today's Bulldog roundup of tech and life science news: Uber hires former Obama exec to help with lobbying; Salix nears deal close; Ballmer quits Microsoft board; Lenovo's new NFL Fantasy contest; HTC's new phone runs Windows.
If investors are fretting, it could be because Salix shareholders will be on the hook for taxes they weren't expecting to pay. The company notes in its securities filings that the conversion of Salix stock into Salix plc stock is considered a taxable event, meaning all Salix shareholders will owe taxes when the deal closes even if they don't sell their shares. Learn more about the deal.
Salix Pharmaceuticals (NASDAQ:SLXP) is merging with a subsidiary of Italian drug company Cosmo Pharmaceuticals in a deal that brings Salix new drug products and also reduces the Raleigh company's taxes.