NEW YORK ( TheStreet) -- Salix Pharmaceuticals (SLXP) late Thursday, Nov. 7, said it has a deal in place to acquire Santarus (SNTS) for $2.6 billion in cash, adding a portfolio of diabetes and heartburn treatment products to its core gastrointestinal medicine base.Terms of the deal call for Raleigh, N.C.-based Salix to pay $32 per share for Santarus, a premium of 36% over the company's Nov. 6 close and 39% over Santarus' 30-day trading average. Salix said it would finance the deal with a combination of about $800 million in cash on hand and $1.95 billion in committed financing from Jefferies Finance, with Jefferies also committing to provide an additional $150 million revolving credit facility.
The Deal: Salix Pharmaceuticals Buys Santarus for $2.6B
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