Auxilium Rejects Endo, But Is It Making A Play For More Cash?
This article was originally published in The Pink Sheet Daily
Negotiations are likely to kick into high gear now that Auxilium officially has rejected Endo’s first offer of $2.2 billion. Auxilium is sticking to its QLT commitment, but the transaction holds little more than a tax-inversion play for the biotech.
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The Canadian biotech has put itself on the block after a year of changes that have transformed the company from a commercial-stage entity with pipeline assets to a one-drug tax play.
Former Valeant President De Silva joins Endo in the midst of a challenging year for the company, as two top-selling drugs face generic competition. De Silva will need to reenergize Endo and do so quickly if he is to maintain the early favor he appears to have won from investors.
Two companies in the biopharma space began trading publicly this week, one to pay off debt, the other to fund an early-stage pipeline.