Auxilium Pharma rejects Endo acquisition in favor of QLT deal

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