Valeant boosts offer for Allergan

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

Valeant Pharmaceuticals (VRX) increases its bid for Allergan (AGN). Its new offer is now $58.30 in cash (an increase of ~21%), 0.83 VRX share, one contingent value right (CVR) related to DARPin sales (worth ~$25/share based on $20B cumulative sales over 10 years) and a commitment to invest up to $400M in DARPin while retaining current AGN employees responsible for development.

Webcast this morning at 8 am EDT to discuss the proposal and provide clarity on VRX's operating performance and business model. 877-876-8393 confirmation code: 46457022.