The failure of Valeant Pharmaceuticals International Inc to purchase Allergan Inc leaves it with nothing to show for a seven-month, bruising pursuit. Losing Allergan to Actavis PLC also hurts Valeant's deal-making reputation, said a source close to the company not authorized to speak publicly.Allergan announced a $66 billion deal with Actavis on Monday that trumped Valeant's offer.Valeant has made dozens of buys and is expected to triple revenues over three years by the end of 2014. But Allergan was a public setback for a company aiming to become a top-five pharma company by the end of 2016.Allergan's rebuff will embolden future targets to "push back," said Peter Mann, portfolio manager at Gluskin Sheff + Associates, which owns shares in both Valeant and Allergan.
Shares of ACT traded higher by 1.44% or $3.52/share to $247.29. 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 13560258.
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 5.25% or $10.43/share to $209.08. 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 14696091.
Gluskin Sheff + Associates Inc. (Gluskin Sheff) is a wealth management company. Shares of GS traded higher by 0.35% or $0.1/share to $28.36. In the past year, the shares have traded as low as $22.87 and as high as $34.05. On average, 87540 shares of GS.TO exchange hands on a given day and today's volume is recorded at 23712.
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 0.36% or $0.4895/share to $134.70. 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 5866291.
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 0.45% or $0.68/share to $152.15. 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 494762.
Source
