Orange County Business Journal

Valeant to Hike Allergan Bid

Vita Reed Tuesday, May 13, 2014

Valeant Pharmaceuticals International Inc. said today that it will put in an “improved offer” to buy Irvine-based Allergan Inc.

Allergan, maker of Botox and other drugs, formally rejected a hostile bid of approximately $46 billion from Valeant on Monday, citing concerns about its long-term growth prospects as well as its business model. Allergan contended that the Valeant proposal created too much risk for shareholders.

Laval, Quebec-based Valeant, which has OC roots, is planning to argue why its offer is better than Allergan remaining a standalone company in a webcast scheduled for May 28.

Allergan shares were up 1% to a market value of $48 billion in midday New York trading. Valeant shares were flat at a market value of $44 billion.