Salix Pharmaceuticals Ltd , citing a "changed political environment," said on Friday it had scrapped a deal with Italy's Cosmo Pharmaceuticals SpA that would have allowed it to shift its tax base from the United States to Europe.The deal termination came less than two weeks after the U.S. Treasury Department took a series of steps to curb "inversion" deals that let companies avoid U.S. taxes by reincorporating abroad.Salix is the first to walk away among about 10 U.S. companies that had previously announced deals based on the inversion concept. Medtronic Inc on Friday took the opposite path, saying it would stick with its $43 billion Covidien deal, albeit with new financing.Raleigh, North Carolina-based Salix, which makes drugs for gastrointestinal disorders, said in July it would merge with Cosmo's Irish subsidiary. Since then, it has faced pressure from top shareholders to cancel the deal and instead sell itself to a larger drugmaker, Reuters reported last month.
Medtronic, Inc. (Medtronic) is a medical technology company. Shares of MDT traded higher by 3.59% or $2.255/share to $65.06. In the past year, the shares have traded as low as $52.44 and as high as $67.11. On average, 7843520 shares of MDT exchange hands on a given day and today's volume is recorded at 25364036.
Salix Pharmaceuticals, Ltd. is a specialty pharmaceutical company dedicated to acquiring, developing and commercializing prescription drugs and medical devices used in the treatment of a variety of gastrointestinal disorders, which are those affecting the digestive tract. Shares of SLXP traded higher by 2.61% or $3.94/share to $155.03. In the past year, the shares have traded as low as $67.40 and as high as $172.98. On average, 1593430 shares of SLXP exchange hands on a given day and today's volume is recorded at 4444720.
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