Sard Verbinnen & Co. and Teneo Strategy are outside PR counsel for Valeant Pharmaceuticals' $10.1B acquisition of Salix Pharmaceuticals, the Raleigh, N.C., maker of drugs for gastrointestinal disorders.
The all cash deal, announced Feb. 22 and approved by both boards, sees Canada-based Valeant snapping up Salix shares for $158 each in cash.
Salix's drugs include the blockbuster irritable bowel syndrome treatment Xifaxan as well as Uceris (ulcerative colitis), Realistor (constipation) and Apriso (ulcerative colitis).
Sard managing director Renee Soto leads a team handling media for the deal on behalf of Valeant. Teneo managing director Stephen Cohen is guiding Salix.
The companies said the enterprise value of the deal is $14.5B. It is expected to yield $500M in cost savings.
Valeant has worked with Sard in the past, including its $8.7B acquisition of Bausch + Lomb in 2013, and its failed hostile takeover of Allergan last year.
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