Salix Pharmaceuticals Ltd yesterday agreed to buy privately held Oceana Therapeutics for $300 million in cash in order to expand products for the treatment of gastrointestinal diseases.Edison, New Jersey-based Oceana, backed by venture capital and private equity firms of Kelso & Company and Frazier Healthcare Ventures, focuses in the areas of pediatric endocrinology, urology, oncology, gastroenterology, endocrinology, cardiology, and acute care.The company's Solesta gel, a tissue bulking agent is used for the treatment of bowel incontinence, a common condition that is the impaired ability to control bowel movements, while its Deflux drug is used for the treatment for children with a condition called vesicoureteral reflux, a malformation of the bladder that can cause severe kidney infections and kidney damage.Solesta is approved and marketed in Europe, while Deflux is approved and marketed in the US and in over 40 countries.
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