Specialty-drug giant Allergan (AGN) beat analysts’ Q3 estimates Wednesday as CEO Brent Saunders dodged questions about buyout talks with Pfizer (PFE) while defending the company’s drug-pricing strategies and distancing its model from its peer Valeant Pharmaceuticals International (VRX). Allergan’s sales rose 90% over the year-earlier quarter to $4.09 billion, about $50 million above analysts’ consensus, according to Thomson Reuters. Earnings
Specialty drugmaker Allergan (AGN) confirmed Thursday that it’s in “preliminary friendly discussions” on a possible buyout by big pharma Pfizer (PFE), as Wall Street poured on favorable opinions of the combination. Late Wednesday, an anonymously sourced report in the Wall Street Journal said that Pfizer and Allergan were in buyout talks, setting off a round of speculation and calculation. The news wasn’t totally shocking, since Pfizer CEO Ian Read
Pfizer (PFE) and Allergan (AGN) are considering a massive drug merger worth more than $300 billion, the Wall Street Journal reported late Wednesday, citing sources, making it the biggest deal of the year at least. Pfizer recently reached out to the U.K. drug giant, the WSJ reported. Combining Pfizer ($219 billion market cap) and Allergan ($113 billion) would forge a giant worth at least $332 billion, even excluding any takeover premium. That would