Cadwalader Advises Salix Along Winding Road: Business of Law

The path to yesterday’s announcement of the $10.1 billion acquisition of Salix Pharmaceuticals Ltd. by Valeant Pharmaceuticals International Inc. was relatively short but replete with so many of the twists and turns emblematic of deals.

Cadwalader, Wickersham & Taft LLP represented Salix. The firm’s relationship with the company began last year, when the drugmaker was attempting an inversion deal, in which a U.S. company merges with one offshore for tax purposes. But that deal crashed when the U.S. Treasury Department in September announced its plans to rein in these transactions.