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Salix Pharmaceuticals Completes Acquisition of Santarus

Fri, 01/03/2014 - 8:24am

Salix Pharmaceuticals, Ltd. has completed its previously announced tender offer for all outstanding shares of common stock par value $0.0001 per share, including the associated rights to purchase shares of Series A Junior Participating Preferred Stock, par value $0.0001 per share, of Santarus, Inc., at a purchase price of $32.00 per share, net to the seller in cash, without interest thereon and subject to any required withholding taxes. Following the tender offer, Salix completed the acquisition of Santarus earlier today through a merger under Section 251(h) of the General Corporation Law of the State of Delaware.

“The acquisition of Santarus is a transformational event for Salix and an important milestone in our growth as the leading gastroenterology-focused specialty pharmaceutical company in the United States,” stated Carolyn Logan, Salix President and Chief Executive Officer. “The creation of a larger, stronger Salix reinforces our premier position in gastroenterology and creates the opportunity for us to expand our digestive disease expertise into other key specialties.”

“Beginning today,” continued Ms. Logan, “We are positioned to continue the growth of our business with an expanded portfolio of products and an expanded sales effort. Our product portfolio now offers 22 marketed products, including: XIFAXAN ®, UCERIS ®, GLUMETZA ®, APRISO ®, ZEGERID ®, MOVIPREP ®, RELISTOR ®, SOLESTA ®, FULYZAQ ®, CYCLOSET ® and DEFLUX ®. And, going forward, our sales effort will benefit from the addition of a new 100-member gastrointestinal-focused sales force and the creation of a new, 160-member digestive disease specialty sales force. The new GI sales force will complement the efforts of our current 200-member GI sales force and provide greater reach and frequency for our products with gastroenterologists, hepatologists and colorectal surgeons. The new digestive disease specialty sales force will expand our specialty sales effort to target endocrinologists, infectious disease, pain specialists and high volume primary care physicians – prescribers formerly not accessed by our GI-focused sales effort. This expansion of our sales effort into these specialties represents an exciting area of growth for Salix. We believe these strategic additions to our sales effort should increase sales of our current products in the short term and begin to position the Company to maximize the sales of potential products over the longer term.”

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