Chesterbrook specialty biopharmaceutical developer Auxilium Pharmaceuticals Inc. will no longer chase an inversion-inspired merger with Canada’s QLT Inc. now that Endo International, whose U.S. headquarters is in nearby Malvern, has added nearly half a million dollars to its buyout offer.
Endo now has $2.6 billion on the table for Auxilium, a 55 percent premium for outstanding common stock, according to a Philadelphia Business Journal report.
“By adding Auxilium’s complementary commercial portfolio, we believe this transaction is aligned with our strategy of pursuing accretive, value-creating growth opportunities,” Endo President and CEO Rajiv De Silva said in the article. “We intend to leverage Auxilium’s leading presence in men’s health, as well as our R&D capabilities and financial resources to accelerate the growth of Xiaflex and Auxilium’s other products.”
Read more about the buyout bid, which is still pending Auxilium shareholder approval, in the Philadelphia Business Journal here, and check out previous Chesco Business Today coverage of Endo’s frequent dealmaking here.