NEW YORK (TheStreet) -- Shares of Endo International (ENDP) rose 2.81% to $67 in after-hours trading Tuesday after the company announced a proposal to acquire Auxilium Pharmaceuticals (AUXL) in a cash-and-stock deal valued at $2.2 billion.
Endo offered $28.10 a share, which represents a 31% premium to Auxilium's Tuesday closing price of $21.52.
Endo acquired Canadian drug maker Paladin Labs in November 2013. Auxilium, meanwhile, had agreed in June to merge with Canadian biopharmaceutical company QLT in a tax-cutting measure. Should Auxilium accept Endo's offer, the QLT merger would be canceled.
Auxilium announced earlier this month it would cut 30% of its staff in an effort to sharpen its research and development focus and reduce its annual costs by $75 million. The smaller Auxilium would have two sales groups instead of three. The company had 639 employees at the end of 2013 and planned to reduce that figure by approximately 200.ENDP data by YCharts
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