By Ransdell Pierson and Caroline Humer
(Reuters) – Allergan Inc (AGN.N: Quote, Profile, Research, Stock Buzz), which is fighting off a hostile bid from Valeant Pharmaceuticals International Inc (VRX.TO: Quote, Profile, Research, Stock Buzz), said on Monday that it would cut 13 percent of its global workforce as part of a restructuring meant to boost profits over the next six years.
Allergan said the cost reductions, which are part of its efforts to convince investors that it is a better value as a stand-alone company, would help increase annual earnings more than 20 percent between 2014 and 2019.
July 8 (Reuters) – An experiment changing how U.S. cancer
doctors are compensated cut healthcare costs by a third, with no
discernible decline in patient health, according to a three-year
study by insurer UnitedHealth Group Inc and five medical
Cancer treatment is one of the most expensive and fastest
growing categories of care in the United States. Oncologists and
insurers have been devising new incentives for doctors to
improve patient care while lowering costs.
NEW YORK and LOS ANGELES, July 1 (Reuters) – Allergan Inc
may take on debt to buy back its own shares as part of a
multi-faceted plan to thwart a $53 billion takeover bid by
Valeant Pharmaceuticals International Inc and
activist investor William Ackman.
The company is also considering making acquisitions of its
own and more spending cuts to increase shareholder value, Chief
Executive David Pyott said in an interview, outlining steps to
build support for Allergan, best known for its Botox
anti-wrinkle injections, to remain a standalone company.
By Caroline Humer and Ransdell Pierson
(Reuters) – The battle for botox maker Allergan Inc heated up on Tuesday as the company officially rejected a sweetened $53 billion takeover offer from Valeant Pharmaceuticals International and activist investor William Ackman.
Since Canadian drugmaker Valeant and Pershing Square Capital Management made a joint bid for the company on April 22, Allergan has stood firm against entreaties to sit down at the table and negotiate a deal.
By Rod Nickel and Caroline Humer
(Reuters) – Canada’s Valeant Pharmaceuticals International Inc (VRX.TO: Quote, Profile, Research, Stock Buzz) (VRX.N: Quote, Profile, Research, Stock Buzz) raised the cash component of its unsolicited offer for Botox maker Allergan Inc (AGN.N: Quote, Profile, Research, Stock Buzz) on Wednesday, but the increased bid fell short of expectations and both stocks dropped.
Valeant’s sweetened offer values Allergan at about $49.9 billion, based on 303.5 million shares outstanding. It also includes the possibility of additional payments worth up to $7.6 billion related to the future sales of an experimental eye drug.
NEW YORK/LOS ANGELES, May 28 (Reuters) – Shocked by the
rapid adoption of a new $84,000 hepatitis C treatment, U.S.
health insurers are trying to make sure they aren’t blindsided
by other drugs being developed and are looking for ways to limit
their use from the day they are launched.
Manufacturer Gilead Sciences Inc says 30,000 people
have received hepatitis drug Sovaldi so far, and that sales hit
a record-breaking $2.3 billion within a few months. The
treatment, typically 84 pills taken over 12 weeks, completely
cures the disease in more than 90 percent of patients.
(Reuters) – Allergan Inc on Tuesday built its case with investors for rejecting a $47 billion (27 billion pounds) takeover offer from Valeant Pharmaceuticals International,, saying the Canadian drugmaker has overstated the possible savings from the deal.
The move comes one day before Valeant will hold a webcast in which it has said it will raise its offer for Allergan.
(Reuters) – Activist investor William Ackman said on Monday that Allergan Inc’s (AGN.N: Quote, Profile, Research, Stock Buzz) chief executive has a “disabling” conflict of interest because accepting a takeover by Valeant Pharmaceuticals International (VRX.N: Quote, Profile, Research, Stock Buzz) (VRX.TO: Quote, Profile, Research, Stock Buzz) likely means he would lose his job.
Ackman and Montreal-based Valeant launched a $47 billion takeover of the company on April 22, but Allergan rejected the offer on May 12 and has not budged since. Allergan Chief Executive Officer David Pyott is urging shareholders to let the company stand alone.
(Reuters) – Abbott Laboratories (ABT.N: Quote, Profile, Research, Stock Buzz) said on Friday it would acquire Chile’s CFR Pharmaceuticals SA CFR.SN in a $2.9 billion deal that will more than double its branded generic drugs business in the fast-growing Latin American market.
It is the first deal for Abbott since it split into two businesses and spun off its blockbuster rheumatoid arthritis drug in a new company, AbbVie Inc (ABBV.N: Quote, Profile, Research, Stock Buzz), last year.
(Reuters) – A U.S. district court dismissed a case by Teva Pharmaceutical Industries Ltd against the U.S. Food and Drug Administration, part of the Israeli company’s broad legal battle aimed at stopping generic versions of its Copaxone drug for multiple sclerosis.
The case, in U.S. District Court in Washington, D.C., was dismissed on Wednesday as being premature because the FDA had not yet approved or rejected the applications for generic forms of the drug, Teva said.