February 24, 2015
Willkie Client Centerview Partners Serves as Financial Advisor to Salix
On February 22, Valeant Pharmaceuticals International, Inc. and Salix Pharmaceuticals, Ltd. announced they have entered into a definitive agreement for Valeant to acquire Salix for $14.5 billion. Willkie represented Centerview Partners, which served as a financial advisor to Salix, a leader in the gastrointestinal market.
The agreement calls for Valeant, a developer, manufacturer and marketer of a broad range of pharmaceutical products, to acquire all of the outstanding common stock of Salix for $158.00 per share in cash. The transaction was approved by the Boards of Directors of both companies, and is expected to yield more than $500 million in annual cost savings for the combined company. It is expected to close in the second quarter of 2015.
The Willkie deal team was led by partner Steven Seidman and included partner Laura Delanoy and associate Laura Acker.
