Allergan Inc on Monday accepted a $66 billion takeover bid from Actavis Plc, closing the door on a hostile offer from activist investor William Ackman and Valeant Pharmaceuticals International Inc.The cash-and-stock deal values Allergan at $219 per share and is $6 billion more than the price Valeant had last offered to pay. Valeant said in a statement that it could not justify paying such a high price for Allergan, which makes the Botox wrinkle treatment.The deal came after Allergan spent six months maneuvering against a takeover by Ackman and Valeant, including in a legal battle. Allergan Chief Executive Officer David Pyott had said shareholders would be hurt because Valeant's cost-cutting, particularly in research and development, would stop its growth, and he questioned Valeant's accounting.Actavis CEO Brent Saunders will lead the combined company, which will have $23 billion in revenue. It will include Allergan's ophthalmology, neurosciences, and dermatology business and Actavis' gastroenterology and women's health franchises.
Shares of ACT traded higher by 2.49% or $6.06/share to $249.83. In the past year, the shares have traded as low as $156.40 and as high as $254.41. On average, 2179940 shares of ACT exchange hands on a given day and today's volume is recorded at 9768157.
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 6.32% or $12.56/share to $211.21. In the past year, the shares have traded as low as $94.98 and as high as $200.99. On average, 2296180 shares of AGN exchange hands on a given day and today's volume is recorded at 10806414.
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 1.05% or $1.41/share to $135.62. In the past year, the shares have traded as low as $105.17 and as high as $153.10. On average, 2526030 shares of VRX exchange hands on a given day and today's volume is recorded at 4687537.
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 1.27% or $1.92/share to $153.39. In the past year, the shares have traded as low as $110.26 and as high as $170.45. On average, 468460 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 274950.
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