Auxilium Pharmaceuticals, Inc. a specialty biopharmaceutical company based in Chesterbrook, Pennsylvania, reports that its board of directors has rejected a proposal from Endo International, a specialty pharmaceutical company, to acquire Auxilium Pharmaceuticals for $28.10 per share in a cash and stock transaction valued at $2.2 billion. In rejecting the proposal from Endo, Auxilium is advising its stockholder to vote in favor of an existing merger made in June 2014 with QLT, a Canadian-based biotechnology company focused on developing orphan ophthalmology products.

In a statement, Endo said: “We continue to believe that our transaction for Auxilium is compelling.  We are providing a substantial premium and immediate cash value for Auxilium shareholders as well as the opportunity to participate in the upside potential of a leading global specialty healthcare company. We are confident that our proposal would create benefits for both and Auxilium shareholders, as well as our patients, customers and employees. We note Auxilium’s statement that it maintains the right to engage in discussions with Endo, and it is our strong preference to work collaboratively with Auxilium to realize the benefits of this transaction.”

In a statement, QLT reaffirmed its interest in merging with Auxilium.”QLT's board of directors reaffirms its support for the merger with Auxilium pursuant to the merger agreement and believes that such a transaction continues to be in the best interests of QLT and fair to its shareholders.”

Auxilium Pharmaceuticals Inc. is focused on developing and commercializing innovative products for specialist audiences, including men’s healthcare, orthopedics, dermatology and other therapeutic areas. Auxilium now has a broad portfolio of 12 approved products. Among other products in the US, Auxilium markets edex (alprostadil for injection), an injectable treatment for erectile dysfunction, Osbon ErecAid, a device for aiding erectile dysfunction, Stendra (avanafil), an oral erectile dysfunction therapy, Testopel  (testosterone pellets), a long-acting implantable testosterone replacement therapy, Xiaflex (collagenase clostridium histolyticum) for the treatment of Peyronie’s disease and Xiaflex for the treatment of Dupuytren’s contracture, Testim (testosterone gel) for the topical treatment of hypogonadism and an authorized generic version of Testim (testosterone gel) with its partner Prasco, LLC. Auxilium also has programs in Phase II clinical development for the treatment of frozen shoulder syndrome and cellulite.

Source: Auxilium Pharmaceuticals,  Endo, and QLT