Salix Looks to Actavis After Terminating Cosmo Deal
New rules from the Treasury Department regarding inversion affect merger activity in the pharmaceutical sector.
Citing recent tax rules, Salix terminated their proposed merger with Cosmo Pharmaceuticals’ Irish subsidiary and is now in takeover discussions with Actavis, reports FirstWord Pharma. Salix backed out of its agreement with Cosmo when it realized it could no longer benefit from the corporate tax structure overseas. Carolyn Logan, president and CEO of Salix, said in a statement, “the changed political environment has created more uncertainty regarding the potential benefits we expected to achieve.”
Instead, Salix is reportedly looking to sell itself to Actavis after a deal with Allergan went sour. The New York Times reports that acquiring Salix would mean that Actavis could be too large to be acquired by Pfizer, which approached Actavis about a takeover earlier this year.
The Solution Lies with SOLBIOTE™: Achieving Sustainability, a Growing Focus in Biopharma
October 28th 2024The nexus between biopharmaceuticals and sustainability is seemingly far apart, however, it is increasingly recognized as an inevitable challenge. It is encouraged to take a sustainable approach to reducing the environmental impact of the production and supply of medicines while improving people's health; delivering the well-being of people and the planet. Yosuke Shimojo (Technical Value Support Section Manager, Nagase Viita) will unveil how SOLBIOTE™, a portfolio of injectable-grade saccharide excipients, would be a key for the biopharmaceutical development and achieving sustainability for a better future of the industry.
