Caroline's Feed
Jun 10, 2014

Allergan rejects Valeant and Ackman’s raised takeover offer

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.

May 28, 2014

Valeant injects cash into bid for Botox maker Allergan

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.

May 28, 2014

Insurers scrutinize drug costs after $84,000 Sovaldi surprise

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.

May 27, 2014

Allergan makes case against Valeant takeover ahead of higher bid

By Caroline Humer

(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.

May 19, 2014

Ackman says Allergan CEO has conflict of interest on takeover offer

By Caroline Humer

(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.

May 16, 2014

Abbott to buy Latin American drugmaker CFR in $2.9 billion deal

By Caroline Humer

(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.

May 15, 2014

U.S. court dismisses Teva case to block copies of Copaxone

By Caroline Humer

(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.

May 13, 2014

Valeant to sweeten Allergan bid, Ackman turns up heat

By Rod Nickel and Caroline Humer

(Reuters) – Valeant Pharmaceuticals International Inc (VRX.TO: Quote, Profile, Research) said on Tuesday it will sweeten its unsolicited $47 billion (27.91 billion pounds)offer for drugmaker Allergan Inc (AGN.N: Quote, Profile, Research), and activist shareholder Pershing Square Capital Management said it would ask for a non-binding vote to pressure Allergan to the negotiating table.

The moves by Valeant and Allergan’s biggest shareholder, Pershing, which is led by Bill Ackman, come a day after California-based Allergan rejected Valeant’s current offer and criticised its business model, which is based on a steady pace of acquisitions.

May 13, 2014

Valeant says plans to ‘improve’ offer for Allergan

By Rod Nickel and Caroline Humer

(Reuters) – Valeant Pharmaceuticals International Inc said on Tuesday it will “improve” its unsolicited $47 billion (27.9 billion pounds) takeover offer for drugmaker Allergan Inc, a day after the U.S. company rejected the bid.

Canada’s Valeant said it would make the change to its cash and stock offer at a May 28 webcast in which it will discuss details of its plans for Allergan’s business. Valeant said it remained committed to getting the deal done but would remain “financially disciplined.”

May 13, 2014

Valeant to boost Allergan bid in move to crack top drugmaker ranks

By Rod Nickel and Caroline Humer

(Reuters) – Valeant Pharmaceuticals International Inc (VRX.TO: Quote, Profile, Research, Stock Buzz) said on Tuesday it will “improve” its unsolicited $47 billion takeover offer for drugmaker Allergan Inc (AGN.N: Quote, Profile, Research, Stock Buzz), a day after the U.S. company rejected the bid.

Canada’s Valeant said it would make the change to its cash and stock offer at a May 28 webcast in which it will discuss details of its plans for Allergan’s business. Valeant said it remained committed to getting the deal done but would remain “financially disciplined.