Valeant Pharmaceuticals Inc said on Tuesday it will launch an exchange offer for Allergan Inc this week, allowing it to eventually take the unsolicited bid directly to shareholders.Botox-maker Allergan has rejected Valeant's offer of cash and shares, but Valeant Chief Executive Officer Mike Pearson said he sees no reason to adjust the bid a third time. Valeant shares have lost ground for 10 straight sessions through Monday, reducing the value of its Allergan bid to about $50.8 billion from $53.8 billion on May 30."Hostile is not our preferred approach," Pearson said. "But this deal was so strategic and financially compelling that it really makes sense."Valeant's stock is "artificially depressed," Pearson said, after weeks of criticism by Allergan and some analysts.
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 1.39% or $2.22/share to $161.59. In the past year, the shares have traded as low as $81.33 and as high as $172.48. On average, 4670100 shares of AGN exchange hands on a given day and today's volume is recorded at 886150.
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