Valeant to buy Salix

Valeant Pharmaceuticals International Inc. (NYSE: VRX) will acquire Salix Pharmaceuticals Ltd. (Nasdaq: SLXP) in a cash deal valued at approximately $14.5 billion. Valeant also reported sharply higher fourth quarter earnings that topped analyst estimates as revenue rose. Shares of Valeant leaped $23.24 to $196.50 while Salix stock tumbled $1.90 to $155.96.