Navigation Links
Covington Advises Salix in $2.6 Billion Acquisition of Santarus
Date:11/7/2013

WASHINGTON, Nov. 7, 2013 /PRNewswire/ -- Salix Pharmaceuticals, Ltd., and Santarus, Inc. announced today that the companies have entered into a merger agreement where Salix will acquire all of the outstanding stock of Santarus for $32 in cash per share, for a total value of approximately $2.6 billion. Covington & Burling LLP is advising Salix on both the acquisition and financing aspects of the transaction.

(Logo: http://photos.prnewswire.com/prnh/20120423/CL92331LOGO)

The companies expect to close the transaction in the first quarter of 2014. Salix intends to finance the transaction with a combination of approximately $800 million cash on hand and $1.95 billion in committed financing from Jefferies LLC. Jefferies LLC also has committed to provide an additional $150 million revolving credit facility.

Salix develops and markets prescription pharmaceutical products and medical devices for the prevention and treatment of gastrointestinal diseases.

Santarus is a specialty biopharmaceutical company focused on acquiring, developing and commercializing proprietary products that address the needs of patients treated by physician specialists.

The Covington acquisition team is led by corporate partners Ed Britton and Catherine Dargan and corporate associates Kyle Rabe, Patrick Manchester, and Nick Simon.

The Covington acquisition finance team is led by finance and capital markets partners Mike Lefever and Kerry Burke with the assistance of associates Matt Franker, Sara Needles, and Stephanie Bignon.

Also advising on the transaction are Amy Toro, Ed Dixon, Jimmy Toy, and James Wawrzyniak* (life sciences commercial), David Martin and Keir Gumbs (securities), Mike Francese, Christen Sewell, and Jeff Bozman (employee benefits), Peter Safir, Scott Cunningham, Noellyn Davies, and Mingham Ji (food and drug regulatory), Anna Kraus, Stefanie Doebler, and Dena Feldman (healthcare compliance), James Dean and James Burke (antitrust), Heather Haberl (real estate), and Rob Heller and Sarah Burnham (tax). 

*Admitted to the New York and District of Columbia bars; not admitted to practice in California.

Covington & Burling LLP, an international law firm, provides corporate, litigation, and regulatory expertise to enable clients to achieve their goals.  Founded in 1919, the firm has more than 800 lawyers and offices in Beijing, Brussels, London, New York, San Diego, San Francisco, Seoul, Shanghai, Silicon Valley, and Washington, DC.

Contact: Rebecca Carr
+1.202.662.5110
rcarr@cov.com


'/>"/>
SOURCE Covington & Burling LLP
Copyright©2012 PR Newswire.
All rights reserved

Related biology technology :

1. Covington Advises AstraZeneca in $1.26 Billion Acquisition of Ardea Biosciences
2. Cadwalader Advises Elan Corporation in Billion Dollar Royalty Deal
3. Couple Catches Bed Bug in a Hotel, My Cleaning Products Advises Hotel Management to Counter the Pests With Non-Pesticide Bed Bug Spray Bed Bug Bully
4. Woman Menaces Worker Trying to Get Rid of Bed Bugs, My Cleaning Products Advises She Gets a Non-Pesticide Bed Bug Spray if She Wants No Help
5. Bed Bugs Rise in Oneida County, My Cleaning Products Cautions Residents and Advises Them to Have a Bed Bug Bully Prepared
6. Bed Bugs Sneak In to Elementary Schools, My Cleaning Products Advises to Officials and Other Bed Bug Victims Use of Pesticide-Exempt Bed Bug Bully
7. Exterminate Bed Bugs Like a Professional, My Cleaning Products Publishes a New Guide and Advises Use of Bed Bug Bully to Help
8. MTA Releases Image of R Train Ceiling Rusting from Sandy Flooding; Rusty Cage Advises Hurricane Victims to Solve Rust Problems with Green Rusterizer
9. Bed Bugs Find Their Way to University of Washington and Hastings-on-Hudson Libraries; Bed Bug Control 911 Advises Use of Bed Bug Spray to Effectively Clear the Pests Away
10. Relief Organizations Worry Sandy Clothing Donations Would Start Bed Bug Epidemic; Bed Bug Removal Guide Advises Disaster Victims to Prepare for It with Bed Bug Bully
11. Rust Gets Toyota Recalling Its Tacoma; Hub on Wheels Advises Car Owners to Deal With Any Other Car Rust Problem with Rusterizer
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... 23, 2016 /PRNewswire/ - FACIT has announced the ... biotechnology company, Propellon Therapeutics Inc. ("Propellon" or ... of a portfolio of first-in-class WDR5 inhibitors for ... as WDR5 represent an exciting class of therapies, ... medicine for cancer patients. Substantial advances have been ...
(Date:6/23/2016)... , June 23, 2016 Houston ... with the Cy-Fair Sports Association to serve as ... the agreement, Houston Methodist Willowbrook will provide sponsorship ... and connectivity with association coaches, volunteers, athletes and ... with the Cy-Fair Sports Association and to bring ...
(Date:6/23/2016)... June 23, 2016  The Prostate Cancer Foundation (PCF) is pleased ... and faster cures for prostate cancer. Members of the Class of 2016 were ... Read More About the Class of 2016 PCF Young ... ... ...
(Date:6/23/2016)...   EpiBiome , a precision microbiome engineering company, ... financing from Silicon Valley Bank (SVB). The financing will ... its drug development efforts, as well as purchase additional ... has been an incredible strategic partner to us – ... would provide," said Dr. Aeron Tynes Hammack , ...
Breaking Biology Technology:
(Date:6/2/2016)...   The Weather Company , an IBM Business (NYSE: ... capability in which consumers will be able to interact with ... via voice or text and receive relevant information about the ... Marketers have long sought an advertising solution that can create ... relevant and valuable; and can scale across millions of interactions ...
(Date:5/16/2016)... YORK , May 16, 2016   EyeLock ... solutions, today announced the opening of an IoT Center ... to strengthen and expand the development of embedded iris ... an unprecedented level of convenience and security with unmatched ... authenticate one,s identity aside from DNA. EyeLock,s platform uses ...
(Date:4/28/2016)... First quarter 2016:   , ... the first quarter of 2015 The gross margin was ... 18.8) and the operating margin was 40% (-13) Earnings ... flow from operations was SEK 249.9 M (21.2) , ... SEK 7,000-8,500 M. The operating margin for 2016 is ...
Breaking Biology News(10 mins):