Salix Pharmaceuticals to buy Santarus

RALEIGH, N.C. — Salix Pharmaceuticals will buy Santarus for $2.6 billion, the drug makers said.

Salix will acquire all outstanding common stock of Santarus for $32 in cash, representing an approximately 36% premium over the Wednesday closing price of the company. The acquisition is expected to close in first quarter 2014. Both companies specialize in gastrointestinal drugs.

"We are very pleased to be able to merge our sales forces, combine two complementary product portfolios, expand our pipeline, diversify revenue, access healthcare providers in primary care, add a significant number of healthcare prescribers to our called-on universe and to better position Salix for success in the present as well as the future," Salix president and CEO Carolyn Logan said. "Additionally, we look forward to all of our stakeholders — patients, healthcare providers, employees and stockholders — benefitting from the increased scale created by a larger, even stronger Salix."