The M&A action in specialty pharma continued Monday as Allergan (AGN) formally rejected a takeover offer while offering bullish guidance, and Shire (SHPG) got into the fatty-liver disease game by acquiring Lumena Pharmaceuticals. Allergan’s board unanimously rejected Valeant Pharmaceuticals’ (VRX) unsolicited $47 billion bid, not only charging that it undervalues the company but questioning the sustainability of Valeant’s buyout-driven business
Canadian drugmaker Valeant Pharmaceuticals International (VRX) reported a mixed but mostly in-line Q1 Thursday, as management continued to press its case for a merger with Allergan (AGN). Valeant’s stock rose fractionally on the stock market today. Valeant reported earnings of $1.76 a share, up 35% from the year-earlier quarter and beating analysts’ consensus by 4 cents, according to Thomson Reuters. Sales rose 77% to $1.89 billion, a bit short of
Embattled specialty drugmaker Allergan on Wednesday beat Wall Street’s first-quarter earnings estimates and raised its guidance, but the company’s stock slid 0.3% to close at 165.87 as its future remained in doubt. Allergan (AGN) reported earnings of $1.18 a share, up 20% from the year-earlier quarter and beating analysts’ consensus by 5 cents. Sales rose 13% to $1.62 billion, in line with estimates. Guidance followed a similar pattern. For the