Drug Discovery and Development

  • Home Drug Discovery and Development
  • Drug Discovery
  • Women in Pharma and Biotech
  • Oncology
  • Neurological Disease
  • Infectious Disease
  • Resources
    • Video features
    • Podcast
    • Voices
    • Webinars
  • Pharma 50
    • 2025 Pharma 50
    • 2024 Pharma 50
    • 2023 Pharma 50
    • 2022 Pharma 50
    • 2021 Pharma 50
  • Advertise
  • SUBSCRIBE

Allergan Calls Valeant Bid “Grossly Inadequate”

By Drug Discovery Trends Editor | June 23, 2014

Allergan, the maker of Botox, said Monday that Valeant Pharmaceuticals’ hostile takeover bid for the company is “grossly inadequate” and that shareholders should reject it.
 
Allergan said the $53 billion bid from Valeant undervalues the company and is not in the best interest of Allergan’s shareholders.
 
Valeant, a Canadian drugmaker, first offered to buy Irvine, California-based Allergan Inc. in April, and has increased its original bid of about $45.6 billion several times, only to be rejected. Valeant teamed up with activist investor Bill Ackman’s Pershing Square Capital Management for the bid.
 
On Friday, Valeant said it was taking its deal directly to Allergan shareholders and allowing them to trade in their stock for 0.83 shares of Valeant and $72 in cash, or another combination.
 
Allergan’s CEO David Pyott said in a statement that the company can increase shareholder value more than Valeant’s bid can.
 
Shares of Allergan slipped 31 cents to $165.01 in morning trading Monday. Valeant Pharmaceuticals International Inc. shares fell $1.26 to $120.67 in morning trading.
 
Date: June 23, 2014
Source: Associated Press

Filed Under: Drug Discovery

 

Related Articles Read More >

Sanders, King target DTC pharma ads but the industry worries more about threats to its $2B R&D model
Zoliflodacin wins FDA nod for treatment of gonorrhea
FDA approved ENFLONSIA for the prevention of RSV in Infants
First clinical study results of Dupixent for atopic dermatitis in patients with darker skin tones 
“ddd
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest news and trends happening now in the drug discovery and development industry.

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
Drug Discovery and Development
  • MassDevice
  • DeviceTalks
  • Medtech100 Index
  • Medical Design Sourcing
  • Medical Design & Outsourcing
  • Medical Tubing + Extrusion
  • Subscribe to our E-Newsletter
  • Contact Us
  • About Us
  • R&D World
  • Drug Delivery Business News
  • Pharmaceutical Processing World

Copyright © 2025 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising | About Us

Search Drug Discovery & Development

  • Home Drug Discovery and Development
  • Drug Discovery
  • Women in Pharma and Biotech
  • Oncology
  • Neurological Disease
  • Infectious Disease
  • Resources
    • Video features
    • Podcast
    • Voices
    • Webinars
  • Pharma 50
    • 2025 Pharma 50
    • 2024 Pharma 50
    • 2023 Pharma 50
    • 2022 Pharma 50
    • 2021 Pharma 50
  • Advertise
  • SUBSCRIBE