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Allergan mulling takeover candidates to avert Valeant

  • According to the WSJ, Allergan (AGN +3.8%) has approached Salix Pharmaceuticals (SLXP +14%) and at least one other company about a potential buyout in order to thwart Valeant Pharmaceuticals' (VRX +3.7%) pursuit of Allergan. The status of negotiations is unknown, but a deal could be announced as early as next month.
  • Salix has a market cap of almost $10B. It has generated ~$1.3B in sales over the past 12 months.
  • Salix itself is involved in a tax inversion deal with a unit of Italian firm Cosmo Pharmaceuticals SpA.
  • Allergan is highly motivated to move quickly. Sources say that Valeant is close to securing the support of 25% of AGN shareholders required to call a special meeting.
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Comments (1)
  • radcon111
    , contributor
    Comments (60) | Send Message
     
    Sources ?
    ON Aug. 17, A SA article reported just 4% of the shares were tendered.
    19 Aug, 06:40 PM Reply Like
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