Activist investor William Ackman teamed up with Canadian drugmaker Valeant Pharmaceuticals International Inc to make a joint run at buying wrinkle-treatment maker Allergan Inc, according to security filings on Monday.The move to acquire Allergan, which is worth around $42 billion, is highly unusual as activist investors typically purchase stakes and then agitate for strategic change, such as a sale of the company.One source familiar with their plans said it comes after Valeant tried for over a year to court Allergan but was turned away. Ackman and his $13 billion hedge fund, Pershing Square, have a long record in pushing companies to do his bidding, which could help Valeant buy Allergan.Allergan and a spokeswoman for Pershing Square declined to comment.
Allergan, Inc. is a multi-specialty health care Company focused on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products. Shares of AGN traded higher by 6.03% or $8.08/share to $142.00. In the past year, the shares have traded as low as $81.33 and as high as $142.00. On average, 3082430 shares of AGN exchange hands on a given day and today's volume is recorded at 10559503.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 3.24% or $3.96/share to $126.01. In the past year, the shares have traded as low as $71.99 and as high as $153.10. On average, 1992590 shares of VRX exchange hands on a given day and today's volume is recorded at 2789973.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 3.21% or $4.31/share to $138.76. In the past year, the shares have traded as low as $72.59 and as high as $170.45. On average, 372348 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 318584.
Source