Pharmaceutical firm eyes €2bn Irish purchase alongside a lower tax bill

Salix Pharmaceuticals has agreed to buy the patents to some drugs for gastrointestinal diseases from Cosmo Pharmaceuticals for about $2.7bn (€1.98bn) in stock in a deal that will allow the US company to move to Ireland and lower its tax bill.

Pharmaceutical firm eyes €2bn Irish purchase alongside a lower tax bill
Thu, 10 Jul, 2014 - 01:00
Simeon Bennett and Alex Wayne, Bloomberg

Salix, of Raleigh, North Carolina, will merge with an Irish unit of Italy-based Cosmo, the companies said yesterday.

Salix shareholders will own just less than 80% of the combined company, which will be renamed Salix Pharmaceuticals plc, and Cosmo will own the rest.

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CourtsPlace: USPlace: IrelandPlace: Raleigh, North CarolinaPlace: ItalyPlace: LondonPlace: MinneapolisPlace: DublinPerson: Carolyn LoganOrganisation: Salix PharmaceuticalsOrganisation: Cosmo PharmaceuticalsOrganisation: SalixOrganisation: CosmoOrganisation: Salix Pharmaceuticals plcOrganisation: AbbVieOrganisation: ShireOrganisation: PfizerOrganisation: AstraZenecaOrganisation: MedtronicOrganisation: CovidienOrganisation: Cosmo Technologies
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