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Salix to raise as much as $200m in debt offering

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Salix Pharmaceuticals filed plans with the Securities and Exchange Commission today to raise as much as $200 million by selling debt.

Salix said it would use the money for business development, clinical trials and other corporate expenses.

Morrisville-based Salix expects to become profitable in the second quarter, with revenue growth fueled by sales of its best-selling drug Xifaxan. The drug received regulatory approval for patients suffering from serious liver disease in March.

Salix expects to seek Food and Drug Administration approval by the end of June to market Xifaxan for treatment of irritable bowel syndrome.

Today's N&O included a story about Salix's new melt-away tablet of the generic compound, metoclopramide, which helps the digestive tract contract.

In March, FDA authorities said Salix's promotional materials were misleading because they downplayed the dangers of the drug, putting the health warning in small type compared with claimed benefits.

Salix shares have quadruped in the last year. The stock was trading above $36 per share today.


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Couldn't believe it that the stock was trading above $36 already today. I hope Salix makes it.



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About the blogger

Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or e-mail him.