Billionaire William Ackman-backed Pershing Square Capital Management said on Tuesday that it would sue botox-maker Allergan Inc if it went ahead with a deal to purchase drugmaker Salix Pharmaceuticals Ltd. Allergan is trying to seal a deal with Salix in order to stay independent and fend off a $53 billion hostile offer from Valeant Pharmaceuticals Inc . The Valeant offer is backed by Pershing Square - Allergan's largest shareholder with a 9.72 percent stake.In a letter to Allergan's board on Tuesday, Ackman said Pershing Square would sue the company for breach of fiduciary duty if it resumed its attempts to buy Salix without a shareholder vote.Reuters reported on Monday that Allergan had resumed talks to buy Salix.Pershing Square has been threatening to sue Allergan for more than two months, with Ackman calling its attempts at acquisitions "desperate".
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 2.34% or $3.88/share to $170.00. In the past year, the shares have traded as low as $88.34 and as high as $174.49. On average, 1896720 shares of AGN exchange hands on a given day and today's volume is recorded at 1464023.
Salix Pharmaceuticals, Ltd. is a specialty pharmaceutical company dedicated to acquiring, developing and commercializing prescription drugs and medical devices used in the treatment of a variety of gastrointestinal disorders, which are those affecting the digestive tract. Shares of SLXP traded higher by 5.97% or $9.545/share to $169.38. In the past year, the shares have traded as low as $65.38 and as high as $165.32. On average, 1405570 shares of SLXP exchange hands on a given day and today's volume is recorded at 1730309.
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