Valeant to acquire Salix in $14.5 billion deal

The transaction, an all-cash tender offer for all the outstanding shares of Salix, was approved by the boards of directors of both companies, the companies said in a news release.

The merger is expected to yield more than $500 million in annual cost savings from the cost base of the combined company, the release said.

(Reporting by Herbert Lash; Editing by Frances Kerry)