Endo swallows Paladin for $1.6B
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.