WASHINGTON (dpa-AFX) - Endo International plc (ENDP, ENL.TO) said Tuesday that it has delivered a proposal to acquire all of the outstanding shares of Auxilium Pharmaceuticals, Inc. (AUXL) for a per share consideration of $28.10 in a cash and stock deal valued at $2.2 billion.
Endo's proposal represents a premium of 31% to Auxilium's closing price on September 16, and a 40% premium to the average closing price of Auxilium shares for the previous 30 days.
Under the terms of the proposal, the consideration would include an about equal mix of cash and Endo stock. Endo plans to fund the deal through a combination of existing cash on hand and debt financing.
Auxilium's 12 FDA approved products in urology, orthopedic and other areas are natural complements to the men's health and pain products in Endo's pharmaceuticals portfolio.
Endo expects the deal to be immediately accretive post close and meaningfully accretive in each year thereafter.
Endo's proposal is subject to the completion of its due diligence review and the negotiation of mutually acceptable definitive transaction agreements containing customary closing conditions.
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