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News Breaks
May 28, 2014
06:07 EDTAGN, VRXValeant raises proposal for Allergan by $10.00 per share to $58.30 per share
Valeant Pharmaceuticals (VRX) announced that it has submitted an increase to its April 22 proposal to merge with Allergan (AGN) to Allergan's board. In a letter to Allergan's board, Valeant stated, "Our revised offer is based on specific feedback we received in our discussions and offers Allergan shareholders, for each Allergan share $58.30 in cash, representing an increase of $10, or approximately 21%, in the cash portion of the consideration, 0.83 of a Valeant share and a new CVR related to DARPin sales which would provide up to approximately $25.00 per share of additional value based on the approximately $20B in potential cumulative 10-year DARPin sales referred to in your May 12th presentation. We are prepared to fund up to $400M to develop DARPin and will pay 40% of the net sales of DARPin referred to in your May 12 presentation after recovery of our shareholders' investment in DARPin development expenses. Shareholders will continue to be able to elect their mix of cash and shares, subject to proration, as well as receiving the CVR. We would propose to retain Allergan employees to continue development of DARPin and will ask Allergan to provide us a list of eight independent scientific and business leaders. From these eight, we will select five to oversee DARPin development and decide on all go / no-go decisions as the compound progresses."
News For VRX;AGN From The Last 14 Days
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April 24, 2015
09:18 EDTVRXValeant and Progenics' Relistor eceives positive opinion from EMA
Valeant (VRX) and Progenics (PGNX) announced that the Committee for Medicinal Products for Human Use of the European Medicines Agency has adopted a positive opinion recommending a new indication for Relistor Subcutaneous Injection for the treatment of opioid-induced constipation when response to laxative therapy has not been sufficient in adult patients, aged 18 years and older. Additionally, the Committee has recommended a one-year extension of data/marketing protection for Relistor, to 11 years from the date of approval.

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