Healthcare Business Review: Valeant Offers Senior Notes, Baxter Buys European Rights

Valeant Pharmaceuticals International, Inc. (NYSE:VRX) is offering $1.75 billion worth of senior unsecured notes to help fund its $2.6 billion purchase of Medicis Pharmaceuticals Corporation (NYSE:MRX). In addition, the former offers another $500 million in debt to be used for general corporate purposes, including further acquisitions.

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Cell Therapeutics, Inc. (NASDAQ:CTIC) has been notified that it has regained compliance with Nasdaq’s minimum bid price rule.

Baxter International Inc. (NYSE:BAX) will pay Onconova Therapeutics $50 million upfront for the European commercialization rights for rigosertib, which is a compound in Phase III trials for treating rare hematologic malignancies and in Phase II and III trials for pancreatic cancer. Additionally, Baxter might pay as much as $515 million in pre-commercial development and regulatory milestones, plus sales milestones and royalties.

Boston Scientific Corporation (NYSE:BSX) acquires the privately held BridgePoint Medical, a company which develops a catheter-based system used to treat highly diseased coronary arteries as a means of restoring blood flow to the heart. The financials of the transaction were not divulged.

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