Salix Pharmaceuticals Surges as Endo Offer Trumps Valeant's Effort

Salix Pharmaceuticals surged Wednesday on its second offer in as many months, making it TheStreet's Move of the Day. Endo Pharmaceutical made a bid for the gastrointestinal drugmaker on Wesdnesday. Endo proposed a cash-and-stock offer worth $175 a share, or around $11 billion. That represented an 11% premium to Salix's closing share price on Tuesday. Less than a month earlier, Valeant Pharmaceuticals made a similar bid for the company for around $158 a share, or around 11% less than Endo's recent offer. The offer is just the latest in a massive reorganization of the pharmaceutical sector. Last year, sector mergers topped $268 billion.