The board of Auxilium Pharmaceuticals Inc. has adopted a “poison pill” shareholder rights plan to ward off a hostile takeover after Endo International PLC announced an unsolicited offer worth about $1.41 billion for its fellow drugmaker.
Shares of Auxilium soared Wednesday before markets opened and after it said it adopted the one-year plan “to ensure that the (board) remains in the best position to perform its fiduciary duties and to enable all Auxilium stockholders to receive fair and equal treatment.”
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