Specialty biopharmaceutical company Auxilium Pharmaceuticals, Inc. is to be acquired by Endo International plc for $2.6 billion, including the repayment and assumption of debt.
Auxilium previously entered into a preliminary merger agreement with QLT, Inc., which it ended immediately before entering into the definitive agreement with Endo, the company said on Thursday. Endo has agreed to pay $33.25 per share in cash and stock, up from its initial offer of $28.10 per share or a total of $2.2 billion.
Endo expects the acquisition to enhance its branded pharmaceutical business and says that it will be immediately accretive.
Last month Auxilium revealed plans to cut approximately 30 percent of its workforce and restructure the business in an effort to save $75 million per year.
The company's focus is on men's healthcare but it has also expanded into orthopedics, dermatology and other therapeutic areas.
Its portfolio of 12 approved products includes Edex, an injectable treatment for erectile dysfunction; Osbon ErecAid, a device for aiding erectile dysfunction; Stendra, an oral erectile dysfunction therapy; Testopel, a long-acting implantable testosterone replacement therapy; and Testim gel for the topical treatment of hypogonadism.
Auxilium also makes Xiaflex, which is approved for the treatment of both Peyronie's disease and Dupuytren's contracture.
Additionally, Auxilium has programs in Phase 2 clinical development for the treatment of frozen shoulder syndrome and cellulite.
