Allergan execs have made no secret of the fact that they've been planning to come up with a lean-and-mean game plan designed to prove to investors that they'd be much better off if they spurned Valeant's offer to buy the company and gut its R&D division. Citing sources close to the company, Bloomberg is reporting that the cutbacks should include work on its most "unpromising" programs in the pipeline.
There are winners and losers in mergers, and as a general rule, executives win and at least some workers lose. That certainly is the case with Actavis and Forest Laboratories. While nearly 200 Forest employees in the St. Louis, MO, area got pink slips this week, top execs will receive up to $186 million in "merger success awards" for closing the $25 billion deal.
Analysts generally believe that big takeovers are easier to pull off under the U.K.'s M&A guidelines. But you'd better not ignore the very specific rules of the game. AbbVie got a lesson on that score yesterday after CEO Richard Gonzalez confidently confided to a number of major news outlets, including the Financial Times and Reuters, that he had already chatted up most of Shire's big investors and won their support for a $51 billion buyout.
Having played a pioneering role collaborating with the NIH on a new drug for sickle cell disease, Newton, MA-based AesRx has moved up the food chain after completing a buyout deal with Baxter International.
Yet another U.S. company is orchestrating a deal that will allow it to move overseas and slash its tax rate. Salix Pharmaceuticals of North Carolina says it will merge with an Ireland-based unit of Cosmo Pharmaceutical and buy out some of its patents for drugs to treat gastrointestinal diseases for $2.7 billion in stock.
With the help of U.K. investor Equistone, newly minted CRO Concept Life Sciences has snapped up three contractors and set out to do business as a conglomerate, scouting for clients looking to outsource scientific work.
Lately, OTC businesses have been selling like hotcakes, with a number of global consumer players looking to bulk up. Now, reports say Belgium's Omega Pharma could be the next to enter the deal arena with an OTC business worth more than $4 billion.
After three failed bids for Shire, AbbVie's hoping the fourth will be the charm. The Abbott spinoff has sweetened its offer, upping its price to £30.1 billion ($51.5 billion) to lure the Irish drugmaker to the bargaining table.
Intent on nailing a big Shire buyout, this morning AbbVie boosted its premium offer by 11%, bringing the total to some $51 billion.
Merz already committed to buying Ulthera for up to $600 million in cash and milestones. Now it will get another FDA-cleared indication as part of the bargain. The company's system has cleared the FDA to improve the lines and wrinkles of the décolleté.