Endo swallows Paladin for $1.6B

Share this article:

US-headquartered Endo Health Solutions scooped up Montreal-based specialty pharmaceutical company Paladin for $1.6 billion. The companies said in a joint statement Tuesday that while the “New Endo” will embrace both companies on the outside, the companies will have their own turf, with Paladin's current managing team continuing to lead Paladin operations from its Montreal headquarters.

Earnings accompanying the acquisition news showed a 5% decline in sales compared to the same period last year, a decrease which CEO Rajiv De Silva said was not unexpected. The company said in June it was going to overhaul its businesses through a combination of acquisitions, R&D efficiencies and trimming its operating expenses by around $325 million. The shakeup also included the departure of CFO Alan Levin, which was announced in May, and naming De Silva CEO in February.

Share this article:
close

Next Article in Business Briefs

Email Newsletters

More in Business Briefs

Payment database confounds doctors

ProPublica reports that doctors are struggling with a time-intensive registration process and are getting an error message that CMS says is not an error message.

Gilead's idelalisib hat trick

The FDA greenlighted the drug for three cancers.

Shire expands rare disease reach

A $225-million deal with US biotech ArmaGen gives Shire worldwide commercialization rights to an experimental enzyme replacement therapy.