Auxilium Pharma rejects Endo acquisition in favor of QLT deal

22 September 2014
mergers-acquisitions-big

Auxilium Pharmaceuticals’ board of directors, after review of the  unsolicited $2.2 billion takeover proposal from Endo International, has unanimously rejected this in favor of its merger with Canada’s QLT.

US men’s health care specialist Auxilium Pharmaceuticals (Nasdaq: AUXL) says it has reviewed the $2.2 billion unsolicited, non-binding and conditional proposal from Endo International (Nasdaq: ENDP) and, after consulting with its independent financial and legal advisors, has unanimously determined it is not a superior proposal under the terms of its existing merger agreement with Canada’s QLT (TSX: QLT) and has unanimously reaffirmed its recommendation that Auxilium's stockholders vote in favor of the adoption of such merger agreement.

Deal undervalues Auxilium

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK



Companies featured in this story

More ones to watch >


Today's issue

Company Spotlight





More Features in Pharmaceutical