Valeant Pharmaceuticals raised its hostile bid for fellow drugmaker Allergan Wednesday morning as the campaign increasingly turned into a debate about Valeant’s own business model. Investors seemed unimpressed as Valeant’s stock fell 2.3% to 126.95 while Allergan’s slid 5.4% to 156.12. Valeant (VRX) added $10 a share in cash to last month’s original offer of $48.30 plus 0.83 of a Valeant share for each Allergan (AGN) share, coming to a total of
As expected, Valeant Pharmaceuticals International (VRX) raised its hostile bid for fellow drugmaker Allergan (AGN) Wednesday morning and offered Allergan investors a lengthy defense of its business model. The market was unimpressed, however, and during morning trading in the stock market today Allergan stock was down more than 4% and Valeant stock down more than 3%. Valeant added $10 a share in cash to its original offer of $48.30 plus 0.83 of a
Specialty drugmaker Allergan (AGN) filed an investor presentation denouncing the business model of would-be hostile acquirer Valeant Pharmaceuticals International (VRX) Tuesday, a day before Valeant hosts a conference call where it’s expected to raise its bid. Both stocks slipped in morning trading on the stock market today. Allergan said in its press release that it employed financial consultants and accountants to examine Valeant’s financial