Valeant acquiring Salix for $158/share

it's official now...



Valeant To Acquire Salix Pharmaceuticals For $158.00 Per Share In Cash

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Salix is the Leader in the Growing U.S. Gastrointestinal Market

Transaction Creates a New Specialty Platform for Growth

Key Promoted Products Showing Strong, Double Digit Volume Growth, Far Exceeding the Market

Expected Near-Term Approval for IBS-D Indication of Xifaxan Additional Catalyst for Future Growth

Additional Upside from Expected Approval of Relistor Oral as well as Strong Near-Term Pipeline

Transaction Represents Total Enterprise Value of Approximately $14.5 Billion

Fully Committed Financing from a Syndicate of Banks Led by Deutsche Bank and HSBC

Expected to Achieve Run Rate Cost Synergies of Greater Than $500 Million From Combined Company Cost Base Within Six Months

Synergy Estimate Does Not Include Any Benefits of Valeant's Corporate Structure

No Planned Reductions to Salix's Specialty Sales Forces or Hospital, Key Account and Field Reimbursement Teams; Optimal size of Primary Care Sales Force to be determined

Transaction Expected to Close in the Second Quarter of 2015

Expected to be Over 20% Accretive to Cash EPS in 2016

Due to Reduction of Wholesaler Inventory Levels, Modest Accretion Expected to 2015 Cash EPS

No Change Expected to Valeant's Credit Ratings

Valeant acquiring Salix for $158/share