Big Pharma, Valeant Pharmaceuticals International Team Up To Make $45.6 Billion Allergan Bid.

Valeant Proposes to Combine With Allergan for $48.30 in Cash and 0.83 Shares of Valeant Stock for Each Allergan Share.

Valeant Pharmaceuticals has submitted a merger proposal to the Board of Directors of Allergan under which each Allergan share would be exchanged for $48.30 in cash and 0.83 shares of Valeant common stock, based on the fully diluted number of Allergan shares outstanding.

Shareholders will be able to elect a mix of cash and shares.

The proposal represents a substantial premium based on Allergan's unaffected price of $116.63 on April 10, 2014, the day before Pershing Square Capital Management L.P. ("Pershing Square") crossed the 5% Schedule 13D ownership level and commenced its rapid accumulation program.

Allergan shareholders will own 43% of the combined company and thereby continue to participate in the expected value creation of the combined company.

Pershing Square, Allergan's largest shareholder with a 9.7% stake in Allergan, has agreed to elect only stock consideration in the transaction and intends to remain a significant long-term shareholder of the combined company.

For further deal information visit Current Agreements (subscription required)

Related

Read: Big pharma deal news – latest deal news for top 50 pharma / big pharma companies

View: Top 50 pharma – overview of top 50 pharmaceutical companies by revenue – partnering activity, deal news, partnering dealtalk

Report: Merger and Acquisition Terms and Agreements

Browse: Complete Current Partnering report catalog

View: Current Partnering’s Partnering Scorecard – view top life science partnering deals by value

View: Current Partnering’s Deal Metrics – the latest deal trend infographics for life science deal making

View: Current Partnering’s Big Pharma Deal Making Scorecard – latest trends in big pharma deal making activity

View: Current Partnering’s Big Biotech Deal Making Scorecard – latest trends in big biotech deal making activity

Signup: Current Partnering Dealmakers Update – weekly newsletter providing the latest life science industry deal news, deal making trends, partnering events – sign up now

Signup: Current Agreements Deals Review – monthly newsletter – reviewing the previous month’s life science deal making – partnering, M&A and financing – sign up now

Subscribe: Current Agreements life sciences partnering, M&A and financing deals database – find out more

Follow us on: LinkedIn Current Partnering | LinkedIn Business Development Network | @Currentpartner on Twitter