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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.
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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 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.
BUSINESS
December 16, 2011 | Bloomberg News
Shares of Ista Pharmaceuticals Inc. rose higher than the $327-million hostile bid by Valeant Pharmaceuticals International Inc. of Canada, indicating that investors expect more. The Irvine eye medications maker's stock climbed $2.79, or 71.7%, to $6.68 on Friday, more than the $6.50 a share offered by Valeant. The surge was the most since Ista became publicly traded in August 2000. Valeant, which has announced 10 acquisitions this year, made its bid public Friday after Ista rebuffed three approaches, the Ontario, Canada, company said in a statement.
BUSINESS
April 23, 2014 | By Stuart Pfeifer
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.
BUSINESS
March 29, 2011 | Bloomberg News
Valeant Pharmaceuticals International Inc., a Canadian drugmaker focused on neurology and dermatology, made a hostile bid to buy Cephalon Inc. for about $5.7 billion, or $73 a share in cash. The offer is a 24% premium to Tuesday's closing price of $58.75 for Cephalon. The Frazer, Pa., company's shares jumped to $72.89 after the close of regular trading. Valeant will attempt to replace Cephalon's current board of directors with its own nominees after making several private approaches to the company, which showed "unwillingness to engage in discussions in a timely manner," Valeant said Tuesday.
BUSINESS
April 21, 2014 | By Stuart Pfeifer
Activist investor Bill Ackman is partnering with Valeant Pharmaceuticals in an attempt to buy Orange County pharmaceutical company Allergan Inc., which sells the popular wrinkle treatment Botox. Ackman's Pershing Square Capital Management said in a public filing on Monday that it was partnering with Valeant to acquire shares of Allergan. Pershing Square and Valeant agreed to the partnership on Feb. 25, Ackman said in a filing with the Securities and Exchange Commission. Valeant said in a statement that it believed a partnership with Allergan would be best for both companies.
BUSINESS
May 27, 2013 | By E. Scott Reckard
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.
BUSINESS
September 7, 2010 | By Nathan Olivarez-Giles, Los Angeles Times
The combined workforces of Valeant Pharmaceuticals International, based in Aliso Viejo, and Biovail Corp., in Ontario, Canada, will be reduced more than originally announced when Biovail said it was taking over the local firm. According to an e-mail included in a Securities and Exchange Commission filing Tuesday, Valeant Chief Executive J. Michael Pearson said that about 25% of the workforce would be laid off when the transaction was complete. In the June announcement, the companies placed job losses at 20%. As of the end of last year, Valeant had about 3,100 employees, and Biovail, Canada's largest drug company, had about 1,300, according to regulatory filings.
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