Botox maker Allergan Inc lifted its third-quarter profit estimate and said the updated forecast showed that Valeant Pharmaceuticals Inc's takeover offer undervalued the company.Shares of the botox maker, which is also a target of Actavis Plc, rose 1.3 percent in premarket trading after the company also gave a full-year profit forecast that was higher than analysts' average expectations."Today's announced expectations for the third quarter and updated future outlook further demonstrate that there is a vast value gap between Valeant's offer and the intrinsic value of Allergan," Allergan Chief Executive David Pyott said in a statement.The company has been trying to fend off an acquisition by the Canadian drugmaker, while Actavis plans to approach Allergan about a potential merger, sources told Reuters earlier this week.
Shares of ACT remained unchanged at $246.65. In the past year, the shares have traded as low as $138.80 and as high as $249.94. On average, 2222910 shares of ACT exchange hands on a given day and today's volume is recorded at 0.
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 remained unchanged at $190.50. In the past year, the shares have traded as low as $88.34 and as high as $190.72. On average, 2093500 shares of AGN exchange hands on a given day and today's volume is recorded at 1734.
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