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The Latest Pharma Jobs, News and Events today | 01 April 2015

Valeant Pharmaceuticals International, Inc. Completes Tender Offer For Salix Pharmaceuticals, Ltd.

Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) ("Valeant") today announced the expiration of the tender offer (the "Offer") by a subsidiary of Valeant Pharmaceuticals International ("VPI") to purchase all of the outstanding shares of Salix Pharmaceuticals, Ltd. (NASDAQ: SLXP) ("Salix") for a price of $173.00 per share in cash, without interest, less any applicable withholding taxes.  The Offer expired at midnight, Eastern time, on April 1, 2015.  Valeant expects to complete today the acquisition of Salix through a merger without a vote of the Salix stockholders pursuant to Section 251(h) of the Delaware General Corporation Law....

Computershare Trust Company, N.A., the depositary for the tender offer, has advised that, as of the expiration of the Offer, a total of 48,385,169 shares had been tendered into and not validly withdrawn from the Offer, representing approximately 75.25% of Salix's outstanding shares and a sufficient number of shares such that the minimum tender condition to the Offer was satisfied. Additionally, the depositary has advised that an additional 8,087,609 shares had been tendered by notice of guaranteed delivery, representing approximately 12.58% of Salix's outstanding shares. Accordingly, all shares that were validly tendered and not properly withdrawn were accepted for payment and Valeant will promptly pay for all such tendered shares in accordance with the terms of the Offer.

As a result of the merger, Salix will become a wholly owned subsidiary of VPI. In the merger, each share of Salix (other than those shares held by Valeant or Salix or any of their respective subsidiaries) will be cancelled and converted into the right to receive the same $173.00 per share in cash, without interest, less any applicable withholding taxes, that was paid in the Offer. Following completion of the merger, the common stock of Salix will no longer be listed for trading on the NASDAQ Global Select Market, which is expected to take effect later today.

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