To Escape Persistent Moves from Valeant Allergan Set to Sell Itself to Actavis
To escape an unwanted takeover from Valeant Pharmaceuticals International, the Botox maker Allergan, in its recent defensive move, is planning to sell itself to another bidder Actavis.
People who are familiar with the matter said that takeover deal is almost nearing to be finalised between Allergan and Actavis. It is expected to be an approximately $62.5 billion deal and will end one of the bitterest battles in merger deals in the recent times.
Sources say that according to the terms of the deal Actavis will pay more than $210 per share in cash and stock. The agreement may be announced till Monday.
Allergan, besides being known for Botox is also the makes if Restasis, which is a highly advertised cure for dry eyes. The Irvine-based medicare company operates in more than hundred countries and employs approximately 11,700 people.
On several occasions, Allergan has refused advances from Valeant forwarding arguments that the latter is a persistent and avid drug maker based in Canadian which has a growth strategy revolving around making bigger arrangements of acquisition. The company will trim expenses to make a progress in the deal from financial quarters and would also compress development in ongoing research projects.