The M&A action in specialty pharma continued Monday as Allergan (AGN) formally rejected a takeover offer while offering bullish guidance, and Shire (SHPG) got into the fatty-liver disease game by acquiring Lumena Pharmaceuticals. Allergan’s board unanimously rejected Valeant Pharmaceuticals’ (VRX) unsolicited $47 billion bid, not only charging that it undervalues the company but questioning the sustainability of Valeant’s buyout-driven business
Valeant Pharmaceuticals reported a mixed first quarter Thursday, a busy day for drugmakers’ earnings reports. The Canadian drugmaker reported earnings of $1.76 a share, up 35% from the year-earlier quarter and beating by 4 cents the consensus of analysts polled by Thomson Reuters. Sales rose 77% to $1.89 billion, short of consensus for $1.97 billion. Shares fell nearly 2% to 131.17. Valeant (VRX) did not issue new guidance, as it had
Canadian drugmaker Valeant Pharmaceuticals International (VRX) reported a mixed but mostly in-line Q1 Thursday, as management continued to press its case for a merger with Allergan (AGN). Valeant’s stock rose fractionally on the stock market today. Valeant reported earnings of $1.76 a share, up 35% from the year-earlier quarter and beating analysts’ consensus by 4 cents, according to Thomson Reuters. Sales rose 77% to $1.89 billion, a bit short of