Why Auxilium Pharmaceuticals (AUXL) Stock Is Spiking Today

NEW YORK (TheStreet) -- Auxilium Pharmaceuticals (AUXL) shares are up 42.4% to $30.65 in trading on Wednesday after the company said that it will examine a takeover bid from health care company Endo International (ENDP) .

Endo International is reportedly offering $28.10 per share, valuing the men's health medicines producer at about $2.2 billion, a 31% increase from the stock's closing price yesterday.

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Separately, Auxilium said that the proposed bid will not affect its purchase of Canadian drug maker QLT.

Endo International shares are up 3.4% to $67.40 in early market trading today.

AUXL Chart AUXL data by YCharts

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