Apr. 29, 2014, 5:30 PM
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Apr. 29, 2014, 2:53 PM
Apr. 29, 2014, 9:49 AM
- Allergan (AGN +0.6%) is holding early-stage talks with Sanofi (SNY) and Johnson & Johnson (JNJ) to see if they're interested in topping Valeant's (VRX) $45.7B bid for the Botox maker, Bloomberg reports.
- Sanofi and J&J are mulling their options, although it's not clear whether they are interested.
- Bayer has also been contacted, but it's focusing on trying to win an auction for Merck's over-the-counter medicines operations.
Apr. 29, 2014, 7:35 AM
- Taking exception to the FDA's decision to award exclusive rights to Teva Pharmaceutical Industries (TEVA) to sell a generic version of Pfizer's (PFE) Celebrex, Actavis (ACT) sues the regulator. The company's action follows Mylan's (MYL) suit filed on Friday.
- The company believes the agency acted improperly when it awarded exclusivity to Teva despite a ruling from the U.S. Court of Appeals for the Federal Circuit that resulted in the expiration of that entitlement.
- The Celebrex patent will expire in May. Teva plans to launch its generic version in December.
- Celebrex generated almost $3B in sales in 2013 according to Pfizer.
Apr. 28, 2014, 6:30 PM
- Allergan (AGN) is preparing to approach Shire (SHPG) about a potential takeover after holding talks in recent months that didn't work out, but AGN is still interested, Reuters reports.
- AGN, which has since received a $47B takeover offer from Valeant Pharma (VRX) teamed up with activist investor Bill Ackman, is said to be planning a fresh approach to the Irish drugmaker.
- An Allergan-Shire combination would create a company with a market value of nearly $72B and annual sales of more than $11B, not to mention help AGN in its defense against VRX.
Apr. 28, 2014, 7:58 AM
- Forest Laboratories (FRX) has agreed to acquire Furiex Pharmaceuticals (FURX) for $1.1B in cash in a deal that Forest says will enable it to strengthen its position in Gastroenterology.
- Forest, which is being bought by Actavis (ACT) is offering $95 a share vs Furiex's close of $80.15 on Friday.
- Forest has also proposed up to $30 a share ($360M) in a Contingent Value Right (CVR) that may be payable based on the status of eluxadoline, Furiex's lead product, as a controlled drug following approval
- Forest has also agreed to sell Furiex's royalties on alogliptin and Priligy to Royalty Pharma for $415M once Forest has bought Furiex.
- Furiex's shares are +28.51%. (PR)
Apr. 23, 2014, 2:50 AM
- Allergan (AGN) has adopted a one-year stockholder rights plan following a $47B hostile takeover bid from Valeant (VRX) and Bill Ackman's Pershing Square.
- If any unapproved investor purchases 10% or more of Allergan's stock, other shareholders will have the right to acquire discounted shares. The plan would prevent Ackman from significantly increasing his 9.7% stake and it would stop Valeant from taking its offer directly to shareholders.
- Allergan said the plan is not designed to prevent a takeover bid that directors are in favor of; rather it "aims to provide the board with adequate time to fully assess any proposal." (PR)
Apr. 22, 2014, 12:46 PM
Apr. 22, 2014, 11:46 AM
- In a cash-and-stock deal valuing Allergan (AGN +15.3%) at $152.88/share, Canadian firm Valeant Pharmaceuticals (VRX +5.2%) offers $48.30 in cash and 0.83 shares of its common stock in an unsolicited bid for the Botox maker.
- VRX believes is can wring out at least $2.7B in annual cost savings with the merger but some analysts believe too-aggressive cost cutting could damage AGN's business.
- Traders expect VRX to sweeten its offer, though. Shares currently exchange hands at $164.
Apr. 22, 2014, 9:14 AM
Apr. 22, 2014, 5:32 AM
- Allergan (AGN) has had no discussions with Valeant (VRX) or Bill Ackman's Pershing Square about a possible takeover of the Botox maker, nor has it received an offer.
- Allergan's board would evaluate any offer that was made, the company said. It was responding to filings by Valeant and Peshing Square about a potential deal. (PR)
Apr. 21, 2014, 5:53 PM
- David Faber reports Valeant (VRX) will make a $45B+ hostile bid for Allergan (AGN), of which 1/3 will be financed with cash. He expects an announcement tomorrow.
- After factoring a 6% gain in regular trading a 19.7% AH gain, Allergan is currently worth $50.9B. Valeant is worth $46.4B, after accounting for a 3.2% gain in regular trading and a 10.3% AH gain.
- Valeant and Bill Ackman's Pershing Square Capital have each filed 13Ds (I, II) stating Pershing Square now has a 9.7% stake in Allergan.
- Valeant says it expects to propose a merger with a ~$15B cash component, and that it's contributing $75.9M in working capital to an entity (known as PS Fund 1) to be used by Valeant and Pershing to pursue their bid.
- Faber: "So Ackman can buy $3b in [Allergan] stock, which he will sell to [Valeant] for a lot more if it succeeds in an offer Ackman knew was coming."
- Previous: Valeant and Ackman eye Allergan
Apr. 21, 2014, 5:45 PM
Apr. 21, 2014, 5:24 PM
Apr. 21, 2014, 4:44 PM
- Hedge fund honcho Bill Ackman and Valeant Pharmaceuticals (VRX +3.3%) are teaming up in an attempt to buy Botox maker Allergan (AGN +18.9%).
- Ackman's Pershing Square Capital Management has a 10% stake worth ~$4B. The deal, if successful, will probably have to come in above today's $142 close. Shares are up 12% after hours to almost $160.
Apr. 17, 2014, 4:44 PM
- Actavis (ACT) buys four currently-marketed products from Akorn (AKRX) and one more under development for cash. The transaction is contingent on the consummation of Akorn's acquisition of Hi-Tech Pharmacal (HITK).
- The products on the market are: Ciprofloxacin Hydrochloride Ophthalmic Solution, Levofloxacin Ophthalmic Solution, Lidocaine Hydrochloride Jelly and Lidocaine/Prilocaine Topical Cream.
- The FTC stipulated that Akorn divest the products as a condition of its approval of the Hi-Tech transaction.
- Financial terms are not disclosed.
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