Endo Health Solutions Inc. (Formerly Known as Endo Pharmaceuticals Holdings Inc.) (ENDP) in Talks With Potential Buyers: Sources
1/31/2013 7:39:06 AM
Endo Health Solutions Inc (ENDP.O) has held talks in recent weeks with drugmakers potentially interested in buying the maker of pain relief medication, people familiar with the matter said on Wednesday. The exploratory talks included parties such as Warner Chilcott Plc (WCRX.O) and Valeant Pharmaceuticals International Inc (VRX.TO), according to the sources. Endo announced in December its longtime chief executive, David Holveck, would retire in 2013. Endo shares hit a four-month high on the news and ended trading up nearly 11 percent at $31.66 on the Nasdaq on Wednesday, giving the company a market value of $3.6 billion. There is no official auction process currently underway for Chadds Ford, Pennsylvania-based Endo, and discussions about a potential sale are at a preliminary stage, said the sources, who requested anonymity because the matter is not public. Representatives for Endo and Warner Chilcott did not immediately respond to requests for comment. Valeant declined to comment. "The company is searching for a new CEO and a potential sale of the company quite often accompanies this process," UBS analysts wrote in a note on Wednesday. "We wouldn't be surprised if either one of the companies mentioned above or several other of the global specialist pharma companies or even financial buyers end up bidding for Endo given its current valuation."