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    Allergan files with SEC, while Valeant unveils acquisition counter-offer

     

    Irvine, CA—Further distancing itself from Valeant Pharmaceuticals International’s unsolicited acquisition proposal, Allergan has filed an investor presentation with the Securities and Exchange Commission (SEC) and has posted the presentation to its website detailing its initial concerns about the sustainability of Valeant’s business model.

    The filing comes one week after the company announced it had received a strong outpour of support for its rejection of Valeant’s proposal from its physician customers, their nurses, and office staff members, as well as from patient advocacy groups and medical associations.

    More than 500 letters of support were sent to Allergan to express gratitude following the rejection, the company had said in a prepared statement.

    “Allergan is extremely grateful for the hundreds of letters of support we have received from our customers during the past few weeks,” said David E.I. Pyott, chairman of Allergan’s board and its chief executive officer. “All of us . . . are touched that our customers have taken the time to write to tell us that our work has mattered to them and their patients, and to publicly share their support and encouragement for our company’s business model and our promising future.”

    Along with this week's filing, Allergan has retained two financial consultants and forensic accountants—Alvarez & Marsal and FTI Consulting—to evaluate certain concerns about the inherent value of Valeant’s pro-forma driven financial reporting.

     

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

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