Auxilium Board Reaffirms Recommendation In Favor Of Merger Deal With QLT

(RTTNews) - Auxilium Pharmaceuticals, Inc. (AUXL) announced its Board has reviewed the unsolicited, non-binding and conditional proposal from Endo International plc and, after consulting with its independent financial and legal advisors, has unanimously determined it is not a superior proposal under the terms of its existing merger agreement with QLT Inc. The Board of Auxilium has unanimously reaffirmed its recommendation that stockholders vote in favor of the adoption merger deal with QLT. The Board has determined that Endo's proposal significantly undervalues Auxilium.

QLT's board reaffirmed its support for the merger with Auxilium and believes such a transaction continues to be in the best interests of QLT and fair to its shareholders.