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.
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