Canada's Valeant again ups bid for Botox maker

May 31, 2014

Canadian pharmaceutical firm Valeant on Friday upped for the second time in a week its hostile bid for Allergan, the US maker of Botox, to $53.5 billion.

The new offer translates to $72 per share in cash, plus 0.83 of its shares for each Allergan share.

That puts the total value for the bid at about $179 per share in cash and stock, based on Valeant's latest share price.

The company two days earlier had made an offer worth about $50 billion.

Valeant also announced that Pershing Square, Allergan's largest shareholder with a 9.7 percent stake, has agreed to sell its holdings, but will only take shares and not cash.

"We believe that our gesture to the other Allergan owners makes an extraordinarily strong statement about our belief in the long-term value of this highly strategic business combination," Pershing Square chief executive Bill Ackman said in a statement.

Allergan has rebuffed Valeant's courtship since it was first announced in April, criticizing its business model and even hiring a consultant analyst to pick apart its alleged shortfalls in a report, which Valeant said contained "numerous errors and mis-statements of facts."

Explore further: Valeant Pharma plans improved offer for Allergan

Related Stories

Valeant Pharma plans improved offer for Allergan

May 13, 2014
Valeant Pharmaceuticals will not easily accept rejection in its bid to acquire Botox maker Allergan for nearly $46 billion.

Valeant raises cash-stock offer for Allergan (Update)

May 28, 2014
Valeant Pharmaceuticals has pumped more cash into its bid for Botox maker Allergan, and it also defended its business model on Wednesday, a day after its reluctant acquisition target aired more concerns about a deal.

Allergan board turns down Valeant takeover offer (Update)

May 12, 2014
Botox maker Allergan formally rejected on Monday a takeover bid from Valeant Pharmaceuticals, saying that the unsolicited offer worth nearly $46 billion undervalues the company and poses a significant risk to its growth prospects.

Valeant, Ackman make $45.6B Allergan bid

April 22, 2014
Valeant Pharmaceuticals and activist investor Bill Ackman have unveiled details of their offer to buy Botox maker Allergan, proposing a cash-and-stock deal that could be worth about $45.6 billion.

Botox maker Allergan draws bid from Valeant (Update)

April 21, 2014
Valeant Pharmaceuticals is teaming up with activist investor Bill Ackman in a bid for Botox maker Allergan that could be worth about $40 billion.

Recommended for you

Best of Last Year—The top Medical Xpress articles of 2017

December 20, 2017
It was a good year for medical research as a team at the German center for Neurodegenerative Diseases, Magdeburg, found that dancing can reverse the signs of aging in the brain. Any exercise helps, the team found, but dancing ...

Pickled in 'cognac', Chopin's heart gives up its secrets

November 26, 2017
The heart of Frederic Chopin, among the world's most cherished musical virtuosos, may finally have given up the cause of his untimely death.

Sugar industry withheld evidence of sucrose's health effects nearly 50 years ago

November 21, 2017
A U.S. sugar industry trade group appears to have pulled the plug on a study that was producing animal evidence linking sucrose to disease nearly 50 years ago, researchers argue in a paper publishing on November 21 in the ...

Female researchers pay more attention to sex and gender in medicine

November 7, 2017
When women participate in a medical research paper, that research is more likely to take into account the differences between the way men and women react to diseases and treatments, according to a new study by Stanford researchers.

Drug therapy from lethal bacteria could reduce kidney transplant rejection

August 3, 2017
An experimental treatment derived from a potentially deadly microorganism may provide lifesaving help for kidney transplant patients, according to an international study led by investigators at Cedars-Sinai.

Exploring the potential of human echolocation

June 25, 2017
People who are visually impaired will often use a cane to feel out their surroundings. With training and practice, people can learn to use the pitch, loudness and timbre of echoes from the cane or other sounds to navigate ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.