02/22/2015 07:24 EST | Updated 04/24/2015 05:59 EDT

Valeant To Acquire Salix Pharmaceuticals

TORONTO - Valeant (Pharmaceuticals International, Inc. (TSX: VRX) is taking over Salix Pharmaceuticals, Ltd.

The Quebec-based company is acquiring all common shares of the North Carolina firm in a deal valued at $14.5 billion.

The boards of both companies have approved the deal that was announced Sunday.

Salix is considered a leader in the American gastrointestinal market.

Valeant chairman and chief executive J. Michael Pearson says Salix is an ideal fit for his company's portfolio of specialty products.

Valeant is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products, primarily in the areas of dermatology, eye health, neurology and branded generics.