Business

January 13, 2014

Salix shares hit 52-week high

Shares of Salix Pharmaceuticals rose to a 52-week high Monday after the company announced upbeat projections in the wake of its recent acquisition of specialty drug company Santarus.

Shares of Salix Pharmaceuticals rose to a 52-week high Monday after the company announced upbeat projections in the wake of its recent acquisition of specialty drug company Santarus.

Raleigh-based Salix, which completed its $2.6 billion purchase of Santarus earlier this month, projected that revenue will hit $1.6 billion this year and adjusted earnings per share will be about $6.09. Analysts were estimating earnings per share of $5.04, according to The Wall Street Journal.

Salix also said the expansion of its sales force is on track and will be nearly complete by late February.

Salix shares closed Monday at $95.49, up $1.87. Shares were trading below $70 in September.

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