Company Overview of Salix Pharmaceuticals Ltd.
Salix Pharmaceuticals, Ltd. acquires, develops, and commercializes prescription drugs and medical devices to treat various gastrointestinal diseases in the United States. It provides Xifaxan tablets to treat overt hepatic encephalopathy, and patients with travelers’ diarrhea; Apriso to maintain remission of ulcerative colitis (UC); Moviprep and Osmoprep for cleansing of the colon as a preparation for colonoscopy in adults; Relistor for the treatment of opioid-induced constipation in patients with advanced illness; Solesta to treat fecal incontinence; and Deflux to treat vesicoureteral reflux. It also offers Fulyzaq for the symptomatic relief of non-infectious diarrhea in adult patients with...
8510 Colonnade Center Drive
Raleigh, NC 27615
Founded in 1989
Key Executives for Salix Pharmaceuticals Ltd.
Founder and Chief Scientific Liaison
General Counsel, Executive Vice President, Secretary and Director
Associate Vice President of Investor Relations & Corporate Communications
Compensation as of Fiscal Year 2016.
Salix Pharmaceuticals Ltd. Key Developments
McEldrew Young Announces $54 Million Settlement of its False Claims Act Qui Tam Lawsuit against Salix Pharmaceuticals
Jun 9 16
McEldrew Young announced a $54 million settlement of its False Claims Act qui tam lawsuit against Salix Pharmaceuticals, by the United States Department of Justice. Salix knowingly caused the submission of false claims to Medicare and Medicaid by paying kickbacks to prescribing physicians, including sham "speaking" fees, according to the allegations in the lawsuit In re Salix, Case No. 12-3870, in the United States District Court for the Southern District of New York. McEldrew Young's 2012 qui tam lawsuit against Salix and the resulting government investigation revealed a company lavishing prescribers with thousands of dollars in speaking fees, expensive dinners, drinks, and entertainment in order to increase the number of prescriptions written by doctors for Xifaxan, Apriso, Relistor, MoviPrep, OsmoPrep, Solesta and Deflux. From January 2009 through December 2013, Salix employees throughout the United States held "speaker" programs that were primarily social in nature. The Salix lawsuit is one of several filed by McEldrew Young attorneys concerning allegations that pharmaceutical companies engaged in the payment of sham "speaker" fees.
SEC Investigating Former Salix Pharma Execs
Feb 9 16
Federal regulators opened an investigation into former executives from Salix Pharmaceuticals to determine if they misled investors relating to inventory disclosures in 2014. The investigation surrounds former Chief Executive Officer Carolyn Logan and former Chief Financial Officer Adam Derbyshire. Questions of inventory disclosure date back to Nov. 7, 2014, when Salix reported third-quarter earnings. On that day, Derbyshire resigned and Logan disclosed to investors that the company had misstated wholesaler inventory drug levels. Shares fell 35% overnight. The disclosure led to an audit that found Salix had overstated revenue and income and Salix restated earnings dating back to the beginning of 2013. The misreporting surfaced at a time when larger drug companies were in a silent battle to acquire Salix.
Salix Pharmaceuticals Ltd. Reports Sale Results for the Third Quarter Ended September 30, 2015; Provides Revenue Guidance for 2015
Oct 19 15
Salix Pharmaceuticals Ltd. reported sale results for the third quarter ended September 30, 2015. For the quarter, the company reported revenue of $461 million.
For the full year of 2015, the company expects revenue to be $1.35 billion.
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