Deal-making drugmaker Valeant Pharmaceuticals International Inc , together with activist investor Pershing Square, plan to push for changes on the board of Allergan Inc, which Valeant hopes to acquire.Billionaire Bill Ackman's hedge fund Pershing Square - which owns nearly 10 percent of Allergan - and Valeant will pursue "at the appropriate time" a special shareholder meeting to remove some or all directors on Allergan's board, Valeant Chief Financial Officer Howard Schiller said Thursday on a conference call about the company's quarterly results.In the meantime, Valeant has been meeting with shareholders of Allergan, some of whom overlap with Valeant's investors. Valeant said that it, together with Pershing, would seek a referendum of Allergan shareholders on support for its board to hold talks with Valeant."It's clear that they really see the compelling nature of the transaction and we have strong, strong support to get this deal done," said Valeant Chief Executive Michael Pearson.
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 0.44% or $0.73/share to $166.60. In the past year, the shares have traded as low as $81.33 and as high as $170.05. On average, 3977190 shares of AGN exchange hands on a given day and today's volume is recorded at 718183.
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 0.82% or $1.09/share to $134.44. In the past year, the shares have traded as low as $72.25 and as high as $153.10. On average, 2657140 shares of VRX exchange hands on a given day and today's volume is recorded at 458560.
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 0.88% or $1.28/share to $146.34. In the past year, the shares have traded as low as $72.59 and as high as $170.45. On average, 390472 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 48741.
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