Salix to acquire Oceana Therapeutics

RALEIGH, N.C. — Salix Pharmaceuticals has entered a definitive agreement to acquire all outstanding stock of a provider of gastroenterology and urology therapeutics.

Salix said its acquisition of Oceana Therapeutics' outstanding stock is valued at $300 million in cash. The transaction is subject to customary conditions to closing (including U.S. antitrust approval) and is expected to be completed in December.

"The acquisition of Oceana expands our product portfolio of innovative products, furthers the diversification of Salix’s base business and provides immediate added revenue," Salix president and CEO Carolyn Logan said. "Oceana markets two differentiated products — Solesta, a first-in-class, biocompatible tissue bulking agent for the treatment of fecal incontinence — and Deflux, the only [Food and Drug Administration]-approved alternative to major ureteral reimplantation surgery for the treatment of vesicoureteral reflux."