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Things are getting uglier between Valeant Pharmaceuticals and Allergan, the maker of Botox. The former, with a little help from hedge-fund manager Bill Ackman, is attempting a hostile takeover of the latter (previous coverage here). Over the last few weeks, Valeant has been slowing upping its bid for the company (to $53 billion from the original $45 billion). That’s pretty normal in mergers and acquisitions, says Daniel Hoffman of Pharmaceutical Business Research Associates. What’s interesting about Valeant’s bid is that “within this same span of a few weeks, attitudes in both pharma and the investment community made a radical turn from mild approval to complete revulsion.”