Covington Guides Salix's $2.6B Gastro Drugmaker Buy

Law360, New York (November 07, 2013, 6:06 PM ET) -- North Carolina-based Salix Pharmaceuticals Ltd. struck a $2.6 billion merger deal to gobble up the gastroenterology-focused drug company Santarus Inc., to help solidify Salix's position in the niche market, the company said Thursday.

In the definitive merger agreement, Salix will cough up $32 in cash for each Santarus share in a tender offer. Santarus stock owners representing 12 percent of the company have already agreed to sell their shares, and Salix intends to use about $800 million in cash on hand, another $1.95 billion in financing...
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