远藤26亿美元收购Auxilium制药

仲夏秋夜云

2014年10月12日讯 /生物谷BIOON/ --远藤（Endo）26亿美元收购Auxilium制药！今年9月，Auxilium曾拒绝远藤22亿美元的收购要约，称宁愿进行一笔税收倒置交易，收购加拿大QLT公司。远藤进一步提高报价，而且可提供与QLT公司相同的税收优惠，因此，鉴于当前支柱产品的销售困境以及并购后的诱人前景，Auxilium终于答应远藤收购交易。目前，该笔收购交易已获双方董事会成员一致投票赞成。
远藤26亿美元出价，较Auxilium公司周三收盘价溢价12%。此次收购，远藤将获得Auxilium公司腱膜挛缩症和阴茎硬结症治疗药物Xiaflex以及睾丸激素补充剂Testim和Testopel，这3种产品是Auxilium公司的支柱产品，此次收购，将把这些产品补充至远藤自身的专科药产品管线。
远藤CEO在新闻发布会上称，通过补充Auxilium公司互补性的成熟商业产品组合，该笔交易符合该公司积极寻求增值机会和创造增长机会的战略。远藤预计，此次收购，将使每年的成本开支节省1.75亿美元。
事实上，在最初，Auxilium公司并不接受远藤的求爱。Auxilium公司在9月中旬采取了“毒丸”计，抵制远藤的敌意收购，同时表示，将坚定不移地超收购加拿大QLT公司的方向前进。Auxilium公司认为，远藤的报价不足，没能体现公司的价值，转而同意收购QLT公司。
不过，现在Auxilium同意远藤的收购，这一点也毫不意外，因为远藤能够提供与QLT公司相同的税收优惠。去年，远藤16亿美元收购加拿大Paladin Labs，并将总部从美国宾夕法尼亚州搬迁至爱尔兰首都都柏林，实现了税收反转。
而Auxilium近期面临产品之争，很容易看清远藤的收购为什么更具诱惑力。Auxilium公司的睾丸激素凝胶Testim销售已呈直线下滑，使该公司裁员190人，约占员工总数的三分之一。而远藤能够帮助Auxilium更好地降低成本，同时业务也将实现有机增长，此外，远藤已承诺，并购Auxilium后将成立一个新型更有效的研发单元。
此次Testim销售下滑，源于FDA对睾酮替代类药物的打击。FDA委员会最近建议，由于睾酮替代药物可能会引发心血管问题风险，建议限制该类药物的用药人群。这极大地限制了Auxilium和其他睾酮制造商向抗衰老及其他用途的推广能力。（生物谷Bioon.com）
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英文原文：Auxilium dumps QLT inversion deal for $2.6B Endo buyout
In September, Auxilium Pharmaceuticals' ($AUXL) CEO Adrian Adams shrugged off a $2.2 billion acquisition offer from Dublin-based Endo International ($ENDP), saying he'd rather do a reverse merger with Canada's QLT ($QLTI). Endo upped its offer to $2.6 billion in cash and stock--enough to seal the deal, the company announced today.
Endo said that the boards of directors of both companies have unanimously voted in favor of the merger, which Endo will complete for $33.25 a share--a 12% premium to Auxilium's Wednesday closing price. The deal will add Auxilium's Xiaflex for treating Dupuytren's Contracture and Peyronie's Disease, as well as the testosterone supplements Testim and Testopel to Endo's portfolio of specialty drugs. Endo expects the combined companies to achieve $175 million in annual cost savings, according to the press release announcing the deal.
"By adding Auxilium's complementary commercial portfolio, we believe this transaction is aligned with our strategy of pursuing accretive, value creating growth opportunities," said Endo CEO Rajiv De Silva in the press release.
At first, Auxilium was none too pleased with Endo's courtship. Auxilium's board adopted a poison pill in mid-September to give it enough time to weigh Endo's original offer against the QLT merger plan. This despite the fact that investors were thrilled with Endo's offer--pushing Auxilium's share price well beyond the 31% premium that the bid reflected--and analysts were predicting EPS accretion of 9% in 2015 and $17% in 2016 if the deal were to be consummated.
Auxilium's board declared Endo's offer inadequate, agreed to merge with QLT, but left the door open to a better offer from Endo. That was no surprise, considering that Endo could offer the same tax advantages as QLT could; Endo acquired Paladin Labs last year, pulling off its own tax inversion by relocating from Malvern, PA, to Dublin.
Add to that Auxilium's recent product struggles and it's easy to see why merging with Endo may have become more enticing. Sales of Auxilium's testosterone gel Testim have been plummeting, prompting the company to lay off 190 people--a third of its workforce--in September.
The sales decline came in the wake of the FDA's crackdown on testosterone-replacement drugs, which the agency fears may raise the risk of cardiovascular problems. An FDA advisory panel suggested recently that the agency limit the use of testosterone products to men with clinically low levels of the hormone and a related medical condition such as a genetic disorder. That would greatly limit the ability of Auxilium and other testosterone makers to market the hormone for antiaging and other lifestyle-enhancement uses.
Endo promises in today's statement to devote R&D resources towards leveraging Auxilium's presence in men's health and accelerating the growth of Xiaflex, which Auxilium has been testing as a cellulite treatment. Endo expects the deal to close in the first half of 2015. And Auxilium shareholders are rejoicing again, pushing the company's shares up more than 11% to $33.27 prior to today's opening.

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