Salix Pharmaceuticals merges with InKine Pharmaceutical

By Jennifer Chiou

New York, Oct. 3 - Salix Pharmaceuticals, Ltd. said it completed its merger with InKine Pharmaceutical Co., Inc.

InKine stockholders received about 9 million new shares of Salix stock for their InKine shares based on an exchange ratio of 0.1737 Salix shares per InKine share.

"The merger represents a combination of assets with a strategic fit that should drive growth and build long-term value," Carolyn Logan, Salix president and chief executive officer said in a news release.

"The addition of the existing and growing revenue from Visicol, along with potential future revenue from INKP-102, if approved, will diversify and strengthen Salix's revenue base."

Salix also announced William Harral, III, is a new independent director.

Based in Raleigh, N.C., Salix acquires and develops prescription drugs used to treat gastrointestinal diseases. The company's Visicol is for cleansing of the bowel as a preparation for colonoscopy in adults.

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