Though there are speculations abound regarding a prospective sale of the Irvine, California-based cosmetic products-specific company Allergan Inc., the CEO David Pyott said in an interview that the company is itself looking for acquisitions!

Despite a DealReporter.com report saying that London-based GlaxoSmithKline might like to take over Allergan – the two companies together promote Botox, and market two Glaxo migraine drugs – Pyott refrained from making any official statement either about another drugmaker’s acquisition offer or about ongoing talks with probable buyers.

However, Pyott did not completely rule out the sales possibility, and said:  “Somebody would have to come out with a very compelling proposition.” He also added: “We are constantly looking at new opportunities. We have well over a billion in the bank and we could do a multibillion dollar deal if it made sense.”

Allegan’s best-selling product - the wrinkle-smoother Botox - will soon have some tough competition on hand, as Arizona-based Medicis Pharmaceutical and France-based Ipsen SA are anticipating a US approval of their contending product, Reloxin.

About Allergan’s 5% layoffs last month, Pyott said that the company has to “cut spending just to have any growth,” and added that there are plans to make purchases for giving the company a boost regard to cosmetics, obesity treatment, specialty eye care, urology or neurology!