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Salix Pharmaceuticals, Ltd. completes sale of 6.325 million shares of common stock

November 24, 2009 By: NCTechNews Category: Pharmaceuticals

(Raleigh, N.C.) Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP), a specialty pharmaceutical company, today announced it has closed its previously announced public offering of 5,500,000 shares of its common stock at a price of $21.00 per share. On November 18, 2009, Jefferies & Company, Inc., acting as the sole book-running manager of the offering, exercised in full its over-allotment option to purchase an additional 825,000 shares of common stock. The exercise of the option increased the size of the offering to an aggregate of 6,325,000 shares of common stock.

Salix received proceeds, net of offering expenses and underwriting discounts and commissions, of approximately $128.2 million. Salix offered the shares of its common stock sold in the offering pursuant to a Registration Statement on Form S-3 (Reg. No. 333-163151) filed with the Securities and Exchange Commission on November 17, 2009 and effective on November 17, 2009.

Salix intends to use the net proceeds from the offering for business development activities and other general corporate purposes.

Copies of the final prospectus supplement and related prospectus may be obtained from Jefferies & Company, Inc., Attention: Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022 or at (888) 449-2342.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

Salix Pharmaceuticals, Ltd., headquartered in Raleigh, North Carolina, develops and markets prescription pharmaceutical products for the treatment of gastrointestinal diseases. Salix’s strategy is to in-license late-stage or marketed proprietary therapeutic drugs, complete any required development and regulatory submission of these products, and market them through the Company’s gastroenterology specialty sales and marketing team.

Salix trades on The NASDAQ Global Select Market under the ticker symbol “SLXP.”

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