Valeant Pharmaceuticals Inc moved on Friday to blunt a key criticism by takeover target Allergan Inc of its Bausch + Lomb business by releasing data showing strong sales growth.Allergan, which is trying to fend off a $51 billion hostile bid from Valeant, has warned its investors about the sustainability of the Laval, Quebec-based company's acquisition-based business model.Allergan, which makes Botox anti-wrinkle injections, has said much of Valeant's organic growth, a measure of existing operations' performance, stemmed from unsustainable price increases, not sales volume. Allergan also said Bausch, Valeant's biggest acquisition, appeared to be losing market share.In a presentation that Valeant said it would take to Allergan investors, the company said Bausch + Lomb, which is known for its contact lenses, had recorded organic revenue growth of 12 percent in the second quarter from a year earlier.
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 1.01% or $1.68/share to $167.50. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 4072070 shares of AGN exchange hands on a given day and today's volume is recorded at 928544.
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