Billionaire investor John Paulson on Wednesday called Valeant Pharmaceuticals International Inc a "very serious acquirer" and predicted that Allergan Inc cannot rebuff the drug maker on its own. Paulson, whose hedge fund Paulson & Co holds a roughly $1 billion stake, or 6 million shares, in Allergan, threw his weight behind Valeant's bid to purchase the Botox maker on Wednesday at the CNBC Institutional Investor Delivering Alpha Conference.Allergan traded at $165.50 on Wednesday, having climbed 49 percent this year alone with most of the gains coming after Valeant's bid was announced. Paulson said Allergan's share price could rise to $222 a share based on the kind of savings Valeant's chief executive officer might make.Paulson called Mike Pearson, Valeant's CEO, a very cost-conscious executive who has added significant value for shareholders in the last years."He is a proven success," Paulson said. Valeant, working with activist investor William Ackman, has offered to pay $53 billion for the Botox maker but Allergan has steadfastly rejected any discussions with 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 0.83% or $1.37/share to $165.75. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 4177590 shares of AGN exchange hands on a given day and today's volume is recorded at 2014667.
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 1.89% or $2.26/share to $121.71. In the past year, the shares have traded as low as $89.76 and as high as $153.10. On average, 3488840 shares of VRX exchange hands on a given day and today's volume is recorded at 2970317.
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 1.97% or $2.53/share to $130.78. In the past year, the shares have traded as low as $92.42 and as high as $170.45. On average, 358160 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 305192.
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