When Valeant Pharmaceuticals International Inc raises its offer for Allergan Inc next week as it has indicated it will, it needs to hit the range of $180 to $200 per share, according to a JPMorgan survey of investors. Valeant and activist investor Bill Ackman made a $47 billion cash and stock offer for Botox maker Allergan on April 22 but Allergan is fighting the deal, saying it is better off alone. Allergan shares are currently trading above the $153 per share offer price and were up 1.3 percent on Friday at $166.Allergan rejected Valeant's offer on May 19, saying that Valeant's business model of serial acquisitions is not sustainable. Valeant responded by saying it plans to raise its offer on May 28 and will hold a webcast.In a JPMorgan survey of 123 buyside investors between May 16 and May 20, about 60 percent of respondents indicated Valeant would need to offer in the $181-$200 range for Allergan to be acquired, according to a May 23 research note. The survey was conducted as Allergan and Valeant both were meeting with investors to sway them to a deal.About two-thirds of those surveyed believed Valeant's offer will be successful.
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 1.32% or $2.16/share to $166.06. In the past year, the shares have traded as low as $81.33 and as high as $170.05. On average, 4141280 shares of AGN exchange hands on a given day and today's volume is recorded at 979993.
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 1.83% or $2.395/share to $133.22. In the past year, the shares have traded as low as $73.25 and as high as $153.10. On average, 2872260 shares of VRX exchange hands on a given day and today's volume is recorded at 876078.
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 1.67% or $2.38/share to $144.88. In the past year, the shares have traded as low as $75.75 and as high as $170.45. On average, 392747 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 54097.
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