October 24, 2006 |
Valeant Pharmaceuticals International said Monday that it would restate some financial results because of errors in the Costa Mesa company's accounting for stock options. Based on the review so far, the company said financial statements for 1997 and after should no longer be relied upon because of option accounting errors. Moody's Investors Service reacted to news of the accounting errors by placing Valeant's debt under review for possible downgrade.
March 26, 2012
Ista Pharmaceuticals Inc., the Irvine maker of eye medications that fought off a hostile takeover bid this year, agreed to be bought by Bausch & Lomb Inc. for $500 million. Bausch will pay $9.10 a share in cash for Ista, and the deal should close in the second quarter, the companies said Monday. The bid from the Rochester, N.Y., eye-care company, owned by Warburg Pincus, is 8.6% higher than Monday's closing price for Ista of $8.38 a share. Ista, which sells Istalol for intraocular pressure and Bromday for issues associated with cataract extraction, rebuffed a $327-million hostile bid by Valeant Pharmaceuticals International Inc., calling it "grossly inadequate.
March 3, 2007 |
Valeant Pharmaceuticals International's former president must repay the drug maker at least $4.8 million over a bonus tied to a unit's aborted spinoff, a Delaware judge has ruled. Valeant directors, led by former Chief Executive Milan Panic, violated their duties to shareholders by awarding the bonus to Adam Jerney after the company sold 20% of its Ribapharm hepatitis drug unit to the public, Chancery Judge Stephen Lamb found. A planned spinoff was later abandoned.
September 4, 2012 |
Valeant Pharmaceuticals International Inc., Canada's largest publicly traded drug maker, agreed to buy Medicis Pharmaceutical Corp. for $2.6 billion to expand in wrinkle treatments and other skin care products. Valeant said it will pay $44 in cash for each share of Medicis, 39% more than the Scottsdale, Ariz., firm's Friday closing price. The transaction will close in the first half of 2013, Montreal-based Valeant said in a statement. The deal would be the largest for Valeant since it was created in a 2010 merger of Canada's Biovail Corp.
April 23, 2014 |
Allergan Inc., the Irvine company that makes Botox, has adopted a "poison pill" defense that could make it more difficult for Canadian company Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman to force through a takeover bid. The company's "stockholder rights plan" would allow existing shareholders to buy Allergan stock at a steep discount if any single investor acquires more than 10% of its shares. The move prevents Ackman, who disclosed earlier this week that he had acquired 9.7% of Allergan's shares, from significantly increasing his holding.
May 27, 2013 |
Valeant Pharmaceuticals International Inc., Canada's largest publicly traded drug maker, is continuing an acquisition spree with an agreement to buy eye-care giant Bausch & Lomb Holdings Inc. for $4.5 billion. The Montreal company, which announced the deal Monday, said it also would pay $4.2 billion in debt owed by privately held Bausch & Lomb, a major manufacturer of contact lenses. Calling Bausch & Lomb a “world-renowned brand,” Valeant's chairman and chief executive, J. Michael Pearson, said the deal would “transform Valeant into a global leader in eye health.” GALLERY: Biggest Southern California companies Valeant said it expects to squeeze out $800 million in annual cost savings by the end 2014 after merging Bausch & Lomb, which is based in Rochester, N.Y., with Valeant's much smaller eye-care operations.
April 22, 2014 |
Allergan Inc., the Irvine company that makes popular wrinkle treatment Botox, acknowledged Tuesday that it has received a buyout offer from Valeant Pharmaceuticals International Inc. The company said the offer from the Canadian drug maker was unsolicited. Valeant is partnering with hedge fund manager Bill Ackman in the deal. In a news release, Allergan said its board of directors "will carefully review and consider the proposal and pursue the course of action that it believes is in the best interests of the company's stockholders.
May 3, 2011 |
Teva Pharmaceutical Industries, seeking to expand its specialty drug portfolio, plans to acquire Cephalon Inc. for $6.8 billion. Teva, which is based in Israel, has a large manufacturing plant in Irvine. That plant resumed operation in April after closing for a year following a warning by the Food and Drug Administration over quality-control problems. Sales of Copaxone, used in the treatment of multiple sclerosis, constituted about 30% of Teva's earnings in recent years, said Judson Clark, a healthcare analyst with Edward Jones & Co. That dominance has been threatened recently by new multiple sclerosis drugs from rival companies, Clark said.