Ireland’s Endo International has entered a definitive agreement with Auxilium Pharmaceuticals to acquire all of its outstanding shares of common stock for around $2.6bn.

The company will make the purchase at the rate of $33.25 per share in a cash and stock transaction, which has been unanimously approved by the boards of directors of both the companies.

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Auxilium stockholders will conduct an election mechanism to elect cash and stock, all-stock or all-cash consideration.

“We believe this transaction is aligned with our strategy of pursuing accretive, value creating growth opportunities.”

The per share consideration represents a premium of 55% to Auxilium’s closing price on 16 September, the day when Endo’s proposal for Auxilium was made public.

The total cash consideration and the equity consideration will not exceed 50% and 75% of the total equity value respectively.

Endo president and chief executive officer Rajiv De Silva said: “By adding Auxilium’s complementary commercial portfolio, we believe this transaction is aligned with our strategy of pursuing accretive, value creating growth opportunities.

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“We intend to leverage Auxilium’s leading presence in men’s health, as well as our R&D capabilities and financial resources to accelerate the growth of XIAFLEX and Auxilium’s other products.”

As a result of the acquisition, Endo’s pharmaceutical portfolio will have a broader offering of urology and orthopedic products that are natural complements to its current men’s health and pain products. The company also aims to achieve annual cost synergies of about $175m.

Auxilium chief executive officer and president Adrian Adams said: “We are proud of the work Auxilium has done to develop a portfolio of important products that are improving the lives of patients to create significant stockholder value. We believe this transaction is the culmination of those efforts.”