Endo Health Solutions Inc., a maker of painkillers facing declining revenue for its main treatments, agreed to buy Canadian drug company Paladin Labs Inc. for about $1.6 billion to expand in that country and emerging markets. Endo shares soared the most in 13 years.

The purchase, mostly through stock, values each Paladin Labs share at C$77, a 20 percent premium to yesterday’s closing price, Malvern, Pennsylvania-based Endo said in a statement today. The deal “immediately” will add to Endo’s 2014 adjusted earnings per share, it said.

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