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May, 30, 2016

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Valeant teams up with Ackman in bid for Botox maker Allergan

NEW YORK--Valeant Pharmaceuticals is teaming up with activist investor Bill Ackman in a bid for Botox maker Allergan that could be worth about US$40 billion.

Valeant said Monday that it intends to propose a merger with Allergan using a combination of Valeant stock and cash. The transaction size has not been disclosed, but Valeant expects the cash portion of the deal to be at least US$15 billion.

Allergan said it had no comment on the bid late Monday.

In a separate filing, Ackman's Pershing Square Capital Management said it owns a 9.7-percent stake in Allergan worth US$4.1 billion. Ackman's stake would make an Allergan deal worth around US$40 billion.

Valeant Pharmaceuticals International Inc. is one of Canada's largest pharmaceutical companies, with revenue of US$5.8 billion last year. The company, headquartered in Laval, Quebec, has pursued an aggressive acquisition strategy. It's racked up more than 50 deals since 2008.

Last August, it completed an US$8.7 billion acquisition of Bausch + Lomb, giving it a major stake in the market for contact lenses, eye drugs and eye surgical devices. Before that, the company's largest deals included a $1.65 billion tie-up with Biovail Corp. in 2010 and its US$2.6 billion acquisition of dermatology products maker Medicis Pharma in December 2012.

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