Billionaire William Ackman's Pershing Square Capital Management said on Tuesday that it would sue botox-maker Allergan Inc if the company 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 . Valeant's 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 attempts to buy Salix without a shareholder vote.The activist-investor has also called Allergan's 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 2.59% or $4.3/share to $170.42. 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 1998677.
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 5.05% or $8.07/share to $167.90. 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 2301548.
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