“After seven months of bids, bluster and lawsuits, the hedge fund manager William A. Ackman and Valeant Pharmaceuticals appear to be giving up their pursuit of Allergan, the maker of Botox, as another big drug maker has trumped their hostile bid,” reports the New York Times. “Allergan agreed on Monday to be acquired for $66 billion by Actavis in a deal worth $219 a share in cash and stock…Combining Actavis and Allergan will create one of the 10 largest global drug makers, with about $23 billion in revenue expected next year. Cost savings could total $1.8 billion annually, the companies said. The deal will combine Allergan’s blockbuster product, Botox, with a suite of Actavis drugs in areas like women’s health and dermatology.” Read more.
Flush with cash from the Actavis deal, Valeant picks up Nicox Inc.’s U.S. ophthalmic diagnostics subsidiary for as much as $20 million, reports Reuters. Read more.