Arab Today, arab today valeant in 45bn bid for botoxmaker allergan
Last Updated : GMT 05:46:20
Arab Today, arab today
Arab Today, arab today

Valeant in $45bn bid for Botox-maker Allergan

Arab Today, arab today

Arab Today, arab today Valeant in $45bn bid for Botox-maker Allergan

New York - AFP

Valeant Pharmaceuticals, backed by activist shareholder William Ackman, Tuesday offered to acquire Botox-maker Allergan for more than $45 billion. Valeant, proposing a combination of stock and cash to buy Allergan, said the acquisition would enable huge cost savings and create a leader in opthalmology, dermatology, aesthetics and other growing health fields. "Together we can capitalize on the inherent strengths and complementary portfolios of our two companies, while achieving significant synergies by applying Valeant's unique operating model to a combined set of assets," Valeant chief executive J. Michael Pearson said in a letter to Allergan chief executive David Pyott. The offer comes less than 24 hours after Valeant and Ackman disclosed that they established a joint venture to bid for Allergan. Ackman disclosed that his Pershing Square investment group had acquired 28.9 million shares of Allergan, or 9.7 percent of the company. Allergan said Monday it would evaluate any offer, but at the time had not held any discussions with either Valeant or Pershing Square on the matter. However, Pearson's letter alluded to resistance from Allergan to a deal. "While the Allergan CEO and board of directors made it clear, both privately and publicly, that they would be unwilling to enter discussions with us about creating a value-enhancing combination, we are hopeful that our proposal for this extremely compelling combination will enable us to engage in productive discussions," Pearson wrote. Under the proposal, Valeant would offer for each Allergan share $48.30 in cash plus 0.83 shares of Valeant. The proposal is a "substantial" premium to Allergan's valuation, Pearson wrote. Pershing Square has agreed to take only stock and to remain a long-term shareholder, Valeant said. "The combination of Valeant and Allergan represents the most strategic and value-creating transaction I have ever analyzed," Ackman said in the Valeant statement. "I strongly urge the Allergan Board of Directors to carefully examine the proposed transaction and enter into negotiations with Valeant so that a merger can be consummated promptly." Founded in 1948, Allergan is best known for marketing the anti-ageing medication Botox, which is injected into muscles. Valeant has completed more than a dozen acquisitions over the last 18 months in a speedy growth campaign. The company's biggest deal by far was an $8.7 billion purchase of US eye-health company Bausch & Lomb. Allergan shares jumped 6.0 percent Monday to $142 and were up another 14 percent to $162.16 in opening trade Tuesday. Valeant shares rose 4.0 percent to $131.01.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today valeant in 45bn bid for botoxmaker allergan Arab Today, arab today valeant in 45bn bid for botoxmaker allergan

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today valeant in 45bn bid for botoxmaker allergan Arab Today, arab today valeant in 45bn bid for botoxmaker allergan

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday