Seeking Alpha: Endo's Bid For Auxilium Makes Sense

Endo International (NASDAQ:ENDP) has been very acquisitive over the past couple of years, using deals to not only leverage its tax-advantaged Irish domicile but bulk up what I believe is an underrated generics business. Tuesday's announcement of an offer to buy Auxilium (NASDAQ:AUXL) makes quite a bit of sense; not only is their potential tax leverage here, but Endo's strong legacy position in urology could improve uptake of Auxilium's key drug Xiaflex and recharge Endo's branded drug business.

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Endo's Bid For Auxilium Makes Sense

The Motley Fool: Auxilium Pharmaceuticals Inc Joins the Buyout Bonanza

Amidst high-profile deals like Pfizer's pursuit of AstraZeneca, Actavis's acquisition of Forest Labs, and Valeant's (NYSE: VRX  ) pursuit of Allergan, it might be easy to forget that it is not just large companies that can benefit from tax inversion deals that lead to a company reestablishing its headquarters in a lower-tax jurisdiction. Auxilium (NASDAQ: AUXL  ) , a small specialty pharmaceutical company, has thrown its hat into the tax inversion ring with an announced acquisition of Canada's QLT (NASDAQ: QLTI  ) . Investors did not universally cheer the news, though, and it's unclear just how much benefit Auxilium will really see from this move.

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Auxilium Pharmaceuticals Inc Joins the Buyout Bonanza

Seeking Alpha: Approval In Peyronie's Only Part Of The Auxilium Story

With the FDA's decision date on the approval of Xiaflex for the treatment of Peyronie's disease looming (September 6), considerable attention has come to Auxilium Pharmaceuticals (AUXL) in recent weeks. While the FDA's decision is absolutely a significant event for the company, investors shouldn't overlook the company's challenges in its existing specialty pharmaceuticals business, as well as the efforts that will have to go into making Xiaflex a winner in Peyronie's assuming approval.

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Approval In Peyronie's Only Part Of The Auxilium Story

Seeking Alpha: Post-Tysabri, Will Elan Waste The Windfall?

It was no secret that Biogen Idec (BIIB) wanted to gain 100% control of the successful MS drug Tysabri, but it was likewise no secret that the company had virtually no interest in acquiring its partner Elan (ELN). As a result, Wednesday's announcement that Biogen Idec will buy all rights to Tysabri looks like a win for the company, provided the drug continues to grow.

The question is whether Elan shareholders will really benefit from this deal. Pulling forward the Tysabri revenue stream certainly de-risks part of the story, but now investors have to contend with the question of how management will handle that cash. At this point, I'm not optimistic as the plans laid out by Elan management suggest that they have a much higher opinion of their capabilities than the facts would seem to support.

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Post-Tysabri, Will Elan Waste The Windfall?

Seeking Alpha: Auxilium Pharmaceutiacls Has The Approvals; Can It Get The Revenue?

FDA approval is undoubtedly a major event in the life of a biotech company, but it is only a part of the puzzle. Marketing an approved drug is a battle in its own right, as investors in Auxilium Pharmaceuticals (AUXL) know all too well.

The company has found it difficult to drive market acceptance of its Testim testosterone gel and Xiaflex injection for Dupuytren's contracture and expectations have come down markedly. While the company's current products could still have billion-dollar potential, investors need to be prepared for a long, difficult slog to realize that potential.

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Auxilium Pharmaceuticals Has The Approvals; Can It Get The Revenue?