Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, June 26, 2014

Valeant CEO 'delighted' by Paulson's Allergan stake, (NYSE: AGN)

Valeant Pharmaceuticals Inc Chief Executive Officer Michael Pearson said on Thursday that he is "delighted" hedge fund Paulson & Co has amassed a large stake in takeover target Allergan Inc, and believes Valeant will garner enough support to trigger a special meeting of Allergan's board. Reuters reported exclusively on Wednesday that Paulson had built a stake in Allergan of more than 6 million shares and supports a deal between the Botox maker and Valeant.

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 0.1% or $0.165/share to $169.24. In the past year, the shares have traded as low as $82.56 and as high as $172.48. On average, 4612760 shares of AGN exchange hands on a given day and today's volume is recorded at 235754.