Salix Pharma to combine with unit of Italy’s Cosmo
US drugmaker Salix Pharmaceuticals (Nasdaq: SLXP) has agreed to combine with an Ireland-based unit of Italy’s Cosmo Pharmaceuticals SpA (COPN: S) in an inversion deal which will provide the US firm with tax advantages. Shares of Cosmo, which trades on the Swiss Stock Exchange, rose 3.9% to 166.20 Swiss francs yesterday.
Under the terms of the deal, Salix will become a wholly-owned subsidiary of Irish domiciled Cosmo Technologies, which will change its name to Salix Pharmaceuticals and is expected to have its ordinary shares listed and traded on the Nasdaq Global Select Market. The transaction is expected to be modestly accretive to Salix’s earnings per share in 2016 and increasingly accretive thereafter.
Transaction details
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