As Big Pharma's big patent cliff took hold a few years ago, generics makers enjoyed the sales boost of one newly off-patent blockbuster after another. But savvy execs knew that the unprecedented party would end soon enough--and generics companies would be facing a sort of patent cliff of their own.
Allergan has been insisting for months that Valeant's buyout offer is "grossly inadequate" and "substantially undervalues" the company. Now that Valeant has upped its bid by $4.5 billion? Same deal, the Botox maker says, citing its own rosy earnings forecast.
In September, Auxilium Pharmaceuticals' CEO Adrian Adams shrugged off a $2.2 billion acquisition offer from Dublin-based Endo International, saying he'd rather do a reverse merger with Canada's QLT. Endo upped its offer to $2.6 billion in cash and stock--enough to seal the deal, the company announced today.
Endo found the magic number in its negotiations with Auxilium Pharmaceuticals, boosting its offer to $2.6 billion and finally convincing its target to abandon plans for a tax-saving deal.
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.
Valeant CEO J. Michael Pearson has said he's confident Allergan shareholders will vote in support of his company's hostile bid come December. But it never hurts to have a little insurance.
A recent report by Evaluate MedTech released at the annual AdvaMed med tech conference in Chicago found that M&A deal value in the med tech sector grew by 363% year over year in the first half of 2014 to $30 billion.
Allergan's still okay with holding a special shareholder meeting on Dec. 18, a date it last month agreed on with wannabe acquirer Valeant. It just doesn't want its pursuer's partner, Bill Ackman, to have a say.
Hyperion Therapeutics, which claims it was duped into a $570 million deal for an Israeli biotech, has reached a temporary agreement with the seller, calling off its lawyers for the moment while the two try to determine whether the drug at the heart of the acquisition has any future.
Teva and Mylan merge? Rumors are certainly swirling--and not for the first time, either. But while a potential deal might make financial sense, at least one analyst doesn't see it happening.