Canadian drugmaker Valeant Pharmaceuticals International Inc. has agreed to buy Salix Pharmaceuticals Ltd. for about $10 billion in cash.
The companies said Sunday that their boards of directors approved the transaction, which amounts to about $158 for each of Salix’s outstanding shares.
That’s just above Raleigh, North Carolina-based Salix’s closing price of $157.85 per share on Friday.
With debt, the deal is valued at $14.5 billion.
The deal is a win for Valeant, which made several offers to buy Allergan last year, but was repeatedly rebuffed by the Botox-maker. Allergan agreed to be acquired by Ireland-based Actavis in November.