Salix Pharmaceuticals to Acquire Oceana Therapeutics for $300M Cash

Salix Pharmaceuticals, Ltd.

and Oceana Therapeutics, LLC today announced that they have entered into a definitive agreement whereby Salix will acquire all of the outstanding stock of Oceana Therapeutics, Inc., a privately-held global provider of gastroenterology and urology therapeutics, for $300 million in cash. The transaction is subject to customary conditions to closing, including U.S. anti-trust approval, and is expected to close in December 2011.