Salix boosts gastrointestinal pipeline with new acquisiton
Salix Pharmacueticals has acquired specialty biopharmaceutical company, Santarus, for $2.6 billion, boosting its focus into gastrointestinal disorders.
“We are extremely pleased with the Santarus acquisition, which is transformative for Salix both commercially and financially, fulfilling many of our strategic needs while providing immediate and significant accretion in 2014 and beyond. We are very pleased to be able to merge our sales forces, combine two complementary product portfolios, expand our pipeline, diversify revenue, access health care providers in primary care, add a significant number of health care prescribers to our called-on universe and to better position Salix for success in the present as well as the future. Additionally we look forward to all of our stakeholders – patients, healthcare providers, employees and stockholders – benefiting from the increased scale created by a larger, even stronger Salix.”
Salix President and Chief Executive Officer, Carolyn Logan.
The North Carolina-based pharma company, Salix, develops and markets prescription pharmaceutical products and medical devices for the prevention and treatment of gastrointestinal diseases.
Santarus currently focuses on five products to address the needs of patients treated by physician specialists. These products include gastrointestinal disorder treatment Zegerid (omeprazole/sodium bicarbonate), as well as Glumetza (metformin hydrochloride extended release tablets) and Cycloset (bromocriptine mesylate) tablets, which are indicated as adjuncts to diet and exercise to improve glycemic control in adults with type 2 diabetes.
“Our employees have worked very hard to build Santarus into a premier specialty biopharmaceutical company. I would like to thank all of our employees for their contributions to making Santarus the successful company it is today.” Mr. Proehl added, “We believe the timing is right for this strategic combination with Salix, a highly respected company that is uniquely positioned to expand the commercialization of Santarus’ marketed products and to continue to advance the development of our pipeline products. We welcome the opportunity Salix will provide to build on Santarus’ success.”
Gerald T. Proehl, President and Chief Executive Officer, Santarus.
The proposed transaction has been unanimously approved by the Boards of Directors of Salix and Santarus. The companies expect to close the transaction in the first quarter of 2014.
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