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.
April 23, 2014 |
Takeover target Allergan Inc., the company that makes Botox, has adopted a "poison pill" defense intended to delay a buyout by Canadian company Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman. The Irvine company's "stockholder rights plan" allows existing shareholders to buy Allergan stock at a steep discount if any single investor acquires more than 10% of its shares. That would drive down the value of the major investors' shares, making it unlikely that anyone would acquire that much stock.
May 3, 2008 |
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.
March 5, 2004 |
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.
April 22, 2014 |
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.
April 15, 2004 |
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.'
September 12, 2006 |
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.
August 4, 2006 |
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.
November 14, 2006 |
UnitedHealth Group Inc. delayed filing its third-quarter financial report with U.S. regulators while the company, the largest U.S. health insurer, sorts out the costs of restating stock option grants. The costs will be "significantly greater" than the $286 million estimated in May, UnitedHealth said Monday in a notice with the Securities and Exchange Commission confirming a statement the company made on Nov. 8. UnitedHealth, based in Minnetonka, Minn.