As Endo showed last week with its failed $10 billion bid for North Carolina's Salix, it's willing to shell out some serious dough if the right target comes along. The question is, what's left?
So you thought you could wrestle Salix away from Valeant, Endo? The Canadian pharma has a message for you: Think again.
Last month, some industry watchers speculated that the low price Valeant agreed to pay for North Carolina's Salix could leave room for other bids. And now, one has arrived, courtesy of Endo International.
With Valeant and Shire already said to be prepping bids for North Carolina's Salix, it seems there's a third wannabe suitor, too. Word on the street is that Endo International has come calling multiple times--and though Salix has shot Endo down, it's still not going away.
Squeezing it in at the end of the year, Endo Pharmaceuticals and BioDelivery Sciences filed an NDA with the FDA for the companies' buccal Buprenorphine painkiller.
The city of Chicago made big news when it sued 5 drugmakers, alleging that their painkiller marketing broke the law. But much of the juicy detail in that lawsuit was hidden from view, redacted under a confidentiality agreement with the companies. Now, it's open for viewing.
The FDA says it has approved two companies to make generics of Roche's Valcyte but will not give any clarity on plans for a generic of AstraZeneca's blockbuster Nexium after nixing earlier approvals for troubled Ranbaxy Laboratories to make both drugs.
Endo Health Solutions tried hard to ward off generic competitors for its big-selling pain med Opana ER. For instance, it petitioned the FDA to block competitors on safety grounds. According to a new lawsuit, Endo also paid off generics maker--and potential rival--Impax Laboratories.
And so the M&A dance begins. Auxilium Pharmaceuticals today turned its back on a $2.2 billion buyout offer it received last week from Endo Pharmaceutical and said it would stick instead with its plan to merge with Canadian eye-drug maker QLT.
Endo's got a deal for Auxilium Pharmaceuticals in mind. CEO Rajiv De Silva thinks it could be a home run, and analysts seem to agree. Auxilium, however, needs some time to think it over, and it's swallowed a poison pill to make sure it gets just that.