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Valeant Pharmaceuticals International

BUSINESS
April 22, 2014 | By Stuart Pfeifer
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.
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BUSINESS
May 3, 2011 | By Shan Li, Los Angeles Times
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.
BUSINESS
May 3, 2008 | Daniel Costello, Times Staff Writer
Valeant Pharmaceuticals International of Aliso Viejo said Friday that it was abandoning hope of becoming a global drug company and would cut nearly half of its workforce as part of a massive restructuring plan. The maker of neurology and dermatology drugs said it would lay off 130 employees in the U.S. and Mexico and eliminate 1,250 additional jobs overseas. The company will divest many of its overseas operations in the coming months, Valeant said.
BUSINESS
March 5, 2004 | Denise Gellene, Times Staff Writer
Valeant Pharmaceuticals International of Costa Mesa said Thursday that its loss narrowed in the fourth quarter despite a 63% plunge in royalty payments on ribavirin, a drug used to treat hepatitis C. The company, formerly called ICN Pharmaceuticals, reported a net loss of $1.8 million, or 2 cents a share, compared with a net loss of $100.7 million, or $1.20, in the year-earlier quarter. Revenue fell 12% to $176.2 million from $199.6 million because of the lower royalty payments.
BUSINESS
April 22, 2014 | By Stuart Pfeifer
Activist investor Bill Ackman and his unlikely Canadian partner, Valeant Pharmaceuticals International Inc., unveiled details of their bid for Irvine pharmaceutical company Allergan Inc., which makes the popular Botox wrinkle treatment. Valeant will offer to pay $48.30 in cash and 0.83 shares of stock in its company for each share of Allergan stock. At Monday's closing price, the deal would be worth about $152.89 per share, or $45.6 billion. Shares of Allergan were up 14% at about $162.50 Tuesday morning, a sign that investors may want more for the company than Valeant and Ackman are offering.
BUSINESS
April 15, 2004 | From Bloomberg News
Valeant Pharmaceuticals International, which changed its name from ICN Pharmaceuticals Inc. last year, must halt sales of a skin-care product that a jury found infringed a rival's patents, a judge ruled. U.S. District Judge Joseph J. Farnan Jr. in Wilmington, Del., concluded that Valeant should be permanently barred from selling its Glyquin line of skin lotions designed to bleach out age spots. In November, jurors concluded that Valeant intentionally infringed TriStrata Technology Inc.'
BUSINESS
September 12, 2006 | Daniel Yi, Times Staff Writer
Valeant Pharmaceuticals International disclosed Monday that federal regulators had launched an inquiry into stock trades that were made this spring when the Costa Mesa company released results of a drug trial. In a statement, Valeant said the Securities and Exchange Commission had also asked for information about Valeant's efforts to recover controversial bonuses paid to company founder and former Chief Executive Milan Panic.
BUSINESS
August 4, 2006 | Daniel Yi, Times Staff Writer
Milan Panic, the controversial executive who became a symbol of corporate excess, agreed to pay $20 million to Costa Mesa-based Valeant Pharmaceuticals International to settle charges that he received unwarranted bonuses four years ago as the company's chairman. The payment settles all outstanding disputes between Panic and the company he founded, formerly known as ICN Pharmaceuticals Inc., Valeant said Thursday.
BUSINESS
April 22, 2014 | By Stuart Pfeifer
Canadian company Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman moved forward with their plans to acquire Botox maker Allergan Inc., offering shareholders about $46 billion and touching off what could be a contentious fight. Several industry analysts said they expect Allergan to reject the offer as too low, and said a fierce boardroom battle may be on the horizon. An issue certain to alarm Allergan is Valient's announced plans to slash research and development spending at the Irvine company.
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