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Salix Pharmaceuticals is buying the San Diego-based specialty pharmaceutical firm Santarus through a $2.6 billion stock purchase. Santarus acquires and develops proprietary products and has five products on the market in the areas of gastrointestinal disorders, diabetes, and high cholesterol. Raleigh, N.C.-based Salix also develops gastroenterology treatments. Combined product revenues of the two companies should reach about $1.3 billion in 2013, Salix says. The companies expect to complete the transaction in the first quarter of 2014.
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