Actavis and Allergan have come to terms on a buyout that values the Botox maker at $66 billion, dwarfing a bid from Valeant and William Ackman that forced the biotech into play. And it gives Actavis CEO Brent Saunders exactly what he's been looking for: Bragging rights to top 10 status in the Big Pharma world--after brushing aside a weakening Eli Lilly.
Allergan today confirmed what much of the industry has been buzzing about for some time now: It's in takeover discussions with another company other than the acquisition-hungry Valeant. And the business news outlets quickly identified Actavis as the interested party.
Valeant's been pursing Allergan for months now, but the California-based drugmaker may soon have another bid, too.
Fresh off signing up to buy Durata Therapeutics for $675 million, Actavis is making another overture for the embattled Allergan, Reuters reports, potentially setting up a bidding war with the dogged Valeant Pharmaceuticals.
Buyout-hungry Actavis--which is alternatively spotlighted as both a buyer and a possible buyout target--has snapped up Chicago-based Durata Therapeutics and its recently approved antibiotic Dalvance (dalbavancin) for $675 million plus a potential bonus.
Talk about a love triangle. Actavis made an advance toward Allergan last month, which the latter spurned because it thought it was close to landing Salix. Now, sources tell CNBC that Actavis has swooped in on Salix, with deal talks ongoing.
A group of FDA advisers voted against recommending approval for a new combination blood-pressure treatment from Actavis, clouding the future of a prospect the company picked up in its $28 billion buyout of Forest Laboratories.
Usually exceeding expectations when it comes to a sales goal is a good thing. But in the case of Actavis and its forced switch of patients to a once-daily version of its Alzheimer's treatment Namenda, it is posing some problems--supply problems.
In an about-face, Forest Laboratories says it will continue to sell its original version of the Alzheimer's treatment Namenda into the fall of 2014, rather than taking it off the market in August.
For Actavis, the deal would deliver a new set of drugs for marketing, part of its core M&A strategy as Watson first snapped up Actavis, took the Swiss company's name and then engineered a $5 billion buyout of Warner Chilcott, gaining an Irish domicile and the considerable tax advantages that go with it.