Big pharma, M&A, Pharma

Allergan rejects Valeant’s acquisition offer

Posted on 13 May 2014

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Allergan announced that its Board of Directors has unanimously rejected the unsolicited proposal announced by Valeant Pharmaceuticals International, Inc.  on April 22, 2014.

After a comprehensive review, conducted in consultation with its financial and legal advisors, the Allergan Board concluded that the Proposal substantially undervalues Allergan, creates significant risks and uncertainties for the stockholders of Allergan, and is not in the best interests of the Company and its stockholders.

The Company also announced that, given the strength in its business, Allergan expects to increase earnings per share by 20 to 25 percent and continue to generate double digit revenue growth in 2015.

Additionally, the Company expects to produce double digit sales growth and produce earnings per share compounded annual growth of 20 percent over the next five years.

The Company believes this is achievable as a consequence of strong business momentum driven by a wide array of recent approvals and anticipated near term approvals, as well as an expectation that it is in a position to produce meaningful additional leverage and scale across both the S,G&A and R&D categories without negatively impacting its commitment to deliver the highest quality outcomes to customers and their patients.

Previous News: Valeant Bids for Merger with Allergan

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