Valeant must up Allergan bid to $180-$200, J.P. Morgan survey says

|About: Valeant Pharmaceuticals Int... (VRX)|By:, SA News Editor

Shares of Valeant Pharmaceuticals (VRX +2%) are up nicely as it prepares to raise its offer for Allergan (AGN +1.6%) by next Wednesday; a new J.P. Morgan survey of buyside investors says VRX's bid needs to hit the range of $180-$200/share.

Some 60% of respondents in the survey indicated VRX would need to offer in the range; about two-thirds of those surveyed believed an offer ultimately will prove successful.

"We feel confident that VRX can structure such a deal (using a larger cash component, CVR, collar, etc.) which would still be highly accretive," JPM says.