Hedge fund ValueAct Capital said on Thursday it would return to the board of directors of Valeant Pharmaceuticals International Inc, which is pursuing a hostile takeover offer for Allergan Inc, and that it planned to increase its stake in the company.Valeant shares rose more than 3 percent.ValueAct Chief Executive Officer Jeffrey Ubben said in a statement that once he is on the board, he would work with Valeant on its $53 billion acquisition of Allergan, a deal whose certainty he has previously questioned.Valeant and Pershing Square Capital Management, which owns nearly 10 percent of Allergan, made a bid in April for the Botox maker. Allergan has consistently rejected the offer and questioned the company's business methods, saying it relies too much on acquisitions for growth and cuts research and development too deeply.
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 fell by 0.51% or $-0.9/share to $175.38. In the past year, the shares have traded as low as $88.34 and as high as $176.75. On average, 1981520 shares of AGN exchange hands on a given day and today's volume is recorded at 1548303.
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 3.22% or $3.99/share to $127.99. In the past year, the shares have traded as low as $102.30 and as high as $153.10. On average, 2517520 shares of VRX exchange hands on a given day and today's volume is recorded at 4448799.
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 3.42% or $4.7/share to $141.99. In the past year, the shares have traded as low as $105.52 and as high as $170.45. On average, 382902 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 458658.
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