Valeant Gets HSR Clearance For Salix Acquisition

(RTTNews) - Canadian drugmaker Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) said Friday that it has received early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to its proposed acquisition of Salix Pharmaceuticals, Ltd. (SLXP).

The expiration of the waiting period satisfies one of the conditions to consummate the tender offer and Valeant expects to be in the position to close the deal on April 1.

Last month, Valeant agreed to buy Salix Pharmaceuticals in a deal worth about $14.5 billion. However, Endo International plc (ENDP. ENL.TO) earlier this week offered to buy Salix for $175 per share in cash and stock, superior to Valeant's offer of $158 per share in cash.

Valenat counts on the acquisition of Salix after last year's failed attempt to acquire Botox maker Allergan Inc (AGN), which eventually reached a deal in November to be bought by specialty pharmaceutical company Actavis plc (ACT) in a deal valued at $66 billion.