Salix plans to raise up to $50 million

Salix plans to raise up to $50 million By Sabine Vollmer, staff writerComment on this story Salix Pharmaceuticals is raising $50 million to expand its product lineup, boost revenue and ease the increasing pressure from generic competitors. The Morrisville company, which specializes in gastrointestinal treatments, plans to sell convertible senior notes to investors, according to records filed with the Securities and Exchange Commission today. The notes come due for repayment in 2028. Salix has already seen sales of its best selling drug hurt by competition from cheaper generics. Slower sales of Colazal, a treatment for ulcerative colitis, were responsible for the company’s second quarterly loss in a row this year. The Food and Drug Administration approved generic alternatives for Colazal Dec. 28, a move designed to reduce... [read full story]