Deals
Endo May Hunt Smaller Prey After Losing Out on Salix: Real M&A
This article is for subscribers only.
Endo International Plc’s foiled pursuit of a $10 billion-plus target showed that the drugmaker has a big appetite for deals. It may have to settle for something smaller.
The $16 billion company withdrew its cash-and-stock offer for Salix Pharmaceuticals Ltd., after Valeant Pharmaceuticals International Inc. countered with a sweetened all-cash bid. The acquisition would have been Endo’s largest by far at more than $11 billion, including debt.