Salix Pharmaceuticals announced Thursday that it has completed its $2.6 billion acquisition of the specialty drug company Santarus.
“The acquisition of Santarus is a transformational event for Salix and an important milestone in our growth as the leading gastroenterology-focused specialty pharmaceutical company in the United States,” Salix CEO Carolyn Logan said in a statement. “The creation of a larger, stronger Salix reinforces our premier position in gastroenterology and creates the opportunity for us to expand our digestive disease expertise into other key specialties.”
Raleigh-based Salix sells drugs to treat gastrointestinal ailments. Its best-selling drug, Xifaxan, is approved to treat travelers’ diarrhea and a rare liver condition. Santarus’ drugs focus on similar areas of treatment, and include Uceris, a treatment for ulcerative colitis, and the heartburn treatment Zegerid.
The deal gives Salix a portfolio of 22 drugs with annual revenue of nearly $1.35 billion.
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Salix paid $32 a share for San Diego-based Santarus.
Salix shares closed Thursday at $89.09, down 85 cents. The stock is up about 25 percent since the Santarus deal was announced Nov. 7.
Staff writer David Bracken