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    Allergan acknowledges revised, unsolicited Valeant proposal

     

    Irvine, CA—Allergan has publicly acknowledged that Valeant Pharmaceuticals International, along with Pershing Square Capital Management, have made a second revised, unsolicited proposal to acquire all of the outstanding shares of the company.

    The revised proposal includes a total of 0.83 of Valeant common shares, $72 in cash per share of common stock of Allergan, and a contingent value right related to DARPin sales.

    The original proposal, which came in April, consisted of 0.83 shares of Valeant stock and $48.30 in cash. However, Allergan’s board swiftly rejected the offer.

    Further distancing itself from Valeant’s proposal, last week Allergan filed an investor presentation with the Securities and Exchange Commission and posted the presentation to its website detailing its initial concerns about the sustainability of Valeant’s business model.

     

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    Rose Schneider Krivich
    Rose is the content specialist for Medical Economics.

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