Investor William Ackman, who owns nearly 10 percent of Botox maker Allergan Inc, said on Monday that the likelihood of Valeant Pharmaceuticals International Inc succeeding in its hostile takeover for Allergan increased on Monday. The spread on the deal - or the difference between the value of the two companies' shares and the ratio implied by the deal's terms - had narrowed, indicating that investors believed a deal was closer, Ackman said during an interview on CNBC.
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 2.36% or $3.9544/share to $171.35. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 4016600 shares of AGN exchange hands on a given day and today's volume is recorded at 1762417.
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 3.1% or $3.78/share to $125.75. In the past year, the shares have traded as low as $89.76 and as high as $153.10. On average, 3500580 shares of VRX exchange hands on a given day and today's volume is recorded at 2077528.
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 3.13% or $4.09/share to $134.91. In the past year, the shares have traded as low as $92.42 and as high as $170.45. On average, 354290 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 140697.
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