Endo Int'l makes $1.4B offer for Auxilium Pharma
NEW YORK (AP) — Endo International PLC says it is making an unsolicited offer for Auxilium Pharmaceuticals that values Auxilium at $28.10 per share.
The deal is worth $1.41 billion in cash and stock, based on Auxilium's shares outstanding. Endo values the offer at $2.2 billion. It comes at a premium of 31 percent based on the Tuesday closing price of Auxilium shares.
Dublin-based Endo says the two companies have complementary products and added that there are significant opportunities for savings.
Auxilium, based in Chesterbrook, Pennsylvania, is struggling with reduced sales of its testosterone gel Testim and said this month that it would cut 30 percent of its workforce as part of a plan to save $75 million per year.
Auxilium Pharmaceuticals Inc. shares are up about 4 percent for the year to date.