14.05.2014 • NewsMergers & Acquisitions (M&A)AllerganBotox

Valeant Says It Will Boost Allergan Bid

A day after U.S. drugmaker Allergan rejected its initial takeover approach, Canada's Valeant Pharmaceuticals International said it would "improve" the unsolicited $47 billion offer. The Canadian firm added that it would announce the new cash and stock offer price at a May 28 webcast.

At the same time, it will discuss details of its plans for the US company's business. "We will not stop our pursuit of this combination until we hear directly from Allergan shareholders that you prefer Allergan's 'stay the course plan' to a combination with Valeant," Valeant CEO Michael Pearson said in a letter to shareholders.

Earlier, Allergan, the manufacturer of the popular anti-wrinkle treatment Botox, had claimed that Valeant's business model was unsustainable.

Valeant's signal of an improved offer near the end of the month sets up an intense two-week period for the two sides to sway shareholders, some of whom own stock in each company.

Together with Allergan's biggest shareholder, Pershing Square Capital Management - headed by activist shareholder Bill Ackman - Valeant said it may conduct a referendum of Allergan investors on whether the target company's board should negotiate with Valeant.

On April 22, Allergan put in a so-called "poison pill" to slow Ackman from increasing his nearly 10 % stake in the company.

Virtual Event

Digitalization in the Chemical Industry
CHEManager Spotlight

Digitalization in the Chemical Industry

Save the Date: October 22, 2025
The event will be promoted to a combined audience of over 100,000 professionals across Europe through the CHEManager and CITplus networks.

Free Expert Insights

Dual‑Targeting Breakthroughs
Advancements in Bispecific Antibody Development

Dual‑Targeting Breakthroughs

Unlock the latest breakthroughs in bispecific antibody development! Download Wiley’s free Expert Insights eBook to explore cutting-edge dual-targeting strategies, advanced purification methods, and bioanalytical technologies transforming immunotherapy and cancer treatment.

most read

Photo
28.07.2025 • NewsChemistry

VCI Welcomes US-EU Customs Deal

The German Chemical Industry Association (VCI) welcomes the fact that Ursula von der Leyen, President of the European Commission, and US President Donald Trump have averted the danger of a trade war for the time being.