Endo Says Buyout Offer For Auxilium Compelling

(RTTNews) - Commenting on Auxilium Pharmaceuticals, Inc.'s (AUXL) decision not to accept its proposal to acquire Auxilium for a per share consideration of $28.10 in a cash and stock deal valued at $2.2 billion, Endo International plc (ENDP, ENL.TO) said Monday, "We continue to believe that our transaction for Auxilium is compelling. We are providing a substantial premium and immediate cash value for Auxilium shareholders as well as the opportunity to participate in the upside potential of a leading global specialty healthcare company."

"We are confident that our proposal would create benefits for both Endo and Auxilium shareholders, as well as our patients, customers and employees. We note Auxilium's statement that it maintains the right to engage in discussions with Endo and it is our strong preference to work collaboratively with Auxilium to realize the benefits of this transaction," Endo added.

Earlier Monday, Auxilium said that its board of directors has rejected the unsolicited $2.2 billion proposal from Ireland-based Endo, noting that it is not a superior offer and "significantly undervalues" Auxilium.

Auxilium also reaffirmed its recommendation that its stockholders vote in favor of the company's merger deal with Canadian eye drug maker QLT Inc. (QLTI, QLT.TO).