Valeant Pharmaceuticals International Inc. offered to buy Allergan Inc., maker of the Botox wrinkle treatment, in a cash-and-stock deal valued at $45.7 billion in the latest step of the Canadian company’s plan to become one of the world’s largest drugmakers.
U.S. stocks rose for a sixth day, the longest streak since September, amid a rally in drugmakers after more than $70 billion in global takeover offers. Oil fell the most in three months and coffee rose to a two-year high.
Bill Ackman’s Pershing Square Capital Management LP amassed almost 10 percent of Allergan Inc. in less than two months without raising many eyebrows at the Botox-maker he’s now targeting in a hostile takeover bid.
A flurry of billion-dollar deals announced today including a swap of cancer and vaccine drugs between Novartis AG and GlaxoSmithKline Plc will reshape the pharmaceutical industry as it looks to cut costs and may herald another round of mergers and acquisitions.
With a trio of transactions, GlaxoSmithKline Plc Chief Executive Officer Andrew Witty is expanding the U.K. pharmaceutical company’s positions in consumer products and vaccines, providing “durability” as the industry faces increased pricing pressure for medicines.