Axcan Pharma seeks injunction against Salix for alleged violation of US securities laws-contends that Salix failed to disclose conflicts of interest of financial advisor in touting "independent research".

(From Chemical Business NewsBase - Press Release)

Axcan Pharma Inc (Axcan) on 9 Jun 2003 filed a motion in the US District Court for the District of Delaware seeking a temporary restraining order against Salix Pharmaceuticals Ltd (Salix) relating to alleged violations of the US securities laws. Axcan also has requested permission to file a Second Amended Complaint in the US District Court for the District of Delaware with respect to these alleged violations. Axcan contends that Salix violated the tender offer and proxy rules under the US securities laws when Salix stated that an analyst was "independent" without also disclosing that the analyst's firm has a …