Allergan Inc., the maker of the Botox wrinkle treatment, rejected an increased bid of about $54 billion from Valeant Pharmaceuticals International Inc. and investor Bill Ackman, calling it undervalued.
Teva Pharmaceutical Industries Ltd.’s plan to switch patients to a longer-acting version of its Copaxone treatment suffered a setback as a U.S. court ruling gave the $4 billion drug less than a year of patent protection.
Pfizer Inc. , the world’s biggest drugmaker, leads a race against three rivals to sell the first new pill in a decade for rheumatoid arthritis, a joint disease treated by injected drugs with $12 billion in annual sales.
Surging commodity prices are prompting investors to put more cash back into metals, grains and energy, according to Kenmar Group, which expects funds under management to grow by about a third to $2 billion by next March.
Perrigo Co., the largest maker of generic over-the-counter medicines in the U.S., climbed to a record on prospects the company will push for more acquisitions after the purchase of Elan Corp. reduced its tax rate.