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Endo to acquire Auxilium for $2.6bn

Puts end to takeover deal for QLT

Endo International has agreed to acquire urology specialist Auxilium Pharmaceuticals in a deal valued at $2.6bn.

The agreement comes one month after a $2.2bn offer from Endo was turned down by Auxilium due in part to an existing merger agreement with Canada-based biotech QLT.

Endo's decision to up its bid by $400m seems to have swayed Auxilium, with the company terminating the agreement with QLT. The Canadian firm will receive a termination fee of $28.4m.

QLT chairman Jason Aryeh said: “We are obviously disappointed that the merger with Auxilium did not complete. In light of this development, we will immediately reengage in our assessment of all potential strategic options.”

Endo said the transaction will close in the first half of 2015. It is expected to be immediately accretive for the company, with Endo claiming the combined company will achieve annual cost synergies of around $175m.

Endo's CEO Rajiv De Silva said: “By adding Auxilium's complementary commercial portfolio, we believe this transaction is aligned with our strategy of pursuing accretive, value creating growth opportunities.”

Auxilium's lead product is Xiaflex (collagenase clostridium histolyticum), which is approved in Europe for the treatment of Dupuytren's contracture, a condition that causes one or more fingers to bend into the palm of the hand.

Last year the US FDA expanded the drug's indication to include Peyronie's disease, a condition in which scar tissue develops on the penis.

“We intend to leverage Auxilium's leading presence in men's health, as well as our R&D capabilities and financial resources to accelerate the growth of Xiaflex,” said De Silva.

Article by
Kirstie Pickering

10th October 2014

From: Research, Sales



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