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May 27, 2013
10:59 EDTVRXValeant to acquire Bausch & Lomb for $8.7B
Valeant Pharmaceuticals International and Bausch + Lomb Holdings Incorporated announced that they have entered into a definitive agreement under which Valeant will acquire Bausch + Lomb for $8.7B in cash. Under terms of the agreement Valeant will pay aggregate consideration of $8.7B in cash, of which approximately $4.5B will go to an investor group led by Warburg Pincus and approximately $4.2B will be used to repay Bausch + Lomb's outstanding debt. Valeant expects to achieve at least $800M in annual cost savings by end of 2014. Bausch + Lomb expects to have revenues of approximately $3.3B and adjusted EBITDA in 2013 of approximately $720M.The transaction is expected to be immediately accretive to Valeant's cash earnings per share. Assuming the transaction occurred on January 1 and assuming the full realization of synergies, the acquisition would have been approximately 40% accretive to Valeant's expected 2013 Cash EPS. The transaction will be financed with debt and approximately $1.5B - $2B of new equity. Bausch + Lomb will retain its name and become a division of Valeant. Valeant's existing ophthalmology businesses will be integrated into the Bausch + Lomb division, creating a global eye health platform with estimated pro forma 2013 net revenue of more than $3.5B.
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April 22, 2014
07:33 EDTVRXValeant proposes to combine with Allergan for $48.30 and 0.83 shares of stock
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07:32 EDTVRXValeant proposes to combine with Allergan for $48.30 and 0.83 shares of stock
06:53 EDTVRXValeant Pharmaceuticals volatility expected to move on bid for Allergan
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06:51 EDTVRXAllergan fits Valeant criteria, says Cantor
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06:46 EDTVRXAllergan option volume active into Bill Ackman and Valeant Pharmaceuticals bid
Allergan (AGN) option volume of 22K contracts on April 21 was the heaviest volume day in four-months into Bill Ackman and Valeant Pharmaceuticals (VRX) teaming up to make a bid for Allergan. Overall option volatility of 30 is near its 26-week average of 29 according to Track Data. Active volume suggests traders taking positions for large price movement.
06:19 EDTVRXValeant bid for Allergan has 'significant hurdles,' says BMO Capital
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06:11 EDTVRXWells says big pharma bidders could emerge for Allergan
Wells Fargo believes Allergan (AGN) wants to remain independent and says the "hurdle to convince the company to sell could be pretty high." Wells thinks Valeant's (VRX) low tax rate gives it room to raise its bid for Allergan, and it sees the potential for one or more big pharma bidders, such as Johnson & Johnson (JNJ) or Merck (MRK), emerging due to Allergan's "attractive eye care and aesthetics portfolio and pipeline." Wells believes a purchase price for Allergan of $50B or $165 per share could be justified.
05:13 EDTVRXAllergan comments on public filings by Valeant, Pershing Square
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April 21, 2014
19:02 EDTVRXOn The Fly: After Hours Movers
NOTABLE: Allergan (AGN), up 20%, and Valeant Pharmaceuticals (VRX), up 9.1%, both advanced after The Wall Street Journal reported that activist investor Bill Ackman is teaming up with Valeant to make a bid for Allergan. Following the report, Ackman's Pershing Square filed a 13D with the SEC disclosing a 9.7% stake in Allergan and outlining an agreement with Valeant. The agreement, among other things, said that Valeant plans to make a bid for Allergan comprised of $15B of cash and a to-be-determined amount of Valeant stock. The filing also showed that Ackman began building a position in Allergan in late February, and at that time entered an agreement with Valeant forming a new, jointly-owned entity through which to acquire a position in Allergan. CNBC's David Faber reported that Valeant is expected to officially make a hostile bid for Allergan by tomorrow. UP AFTER EARNINGS: Netflix (NFLX) gained 6.3% after reporting profits that beat expectations on revenues that were in-line with expectations. The streaming internet video service also reported that U.S. subscribers grew by 2.25M in the first quarter, with its international subscriber base expanding by 1.75M for the period. DOWN AFTER EARNINGS: Rambus (RMBS) fell 7.5% after providing a second quarter revenue outlook that fell short of expectations, with the company adding that its revenue outlook, "includes expectations that the company will sign new customers for patent as well as solutions licensing." Rambus' first quarter results, however, came in better than expected, and the company also reaffirmed its fiscal 2014 revenue outlook.
17:10 EDTVRXValeant says Ackman can terminate agreement if no Allergan offer by May 2
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17:09 EDTVRXValeant says intends to propose merger with Allergan
Company said in regulatory filing it expects offer to be comprised of $15B of cash with a stock component to be determined.
17:07 EDTVRXValeant, Allergan deal to have $25-$30 per share of synergies, Faber says
CNBC's David Faber is reporting that Valeant's board is meeting tonight regarding a potential bid for Allergan, which it will make in combination with Bill Ackman's Pershing Square. Faber reports that the proposed combination would have about $25-$30 per share in synergies and the offer will 1/3 cash and 2/3 stock.
17:05 EDTVRXAckman reports 9.7% stake in Allergan, to consult with Valeant stake
Bill Ackman's Pershing Square disclosed in a regulatory filing that it holds a 9.7% stake in Allergan (AGN) and that it intends to consult with Valeant (VRX) on its investment. In its filing, Pershing Square said, "Valeant currently intends to propose a merger in which Allergan's shareholders will receive a combination of cash and Valeant common shares. Valeant has not yet determined the amount of cash and number of Valeant common shares it will offer, but it currently expects the cash component will total around $15B. Barclays and Royal Bank of Canada have indicated that they are prepared to deliver financing commitments covering the cash portion of the transaction at the time Valeant makes an offer." Pershing disclosed that on February 25, it entered an agreement with Valeant. As part of the deal, Pershing and Valeant agreed to for a new, jointly owned entity through which they would acquire equity in Allergan. Also, as part of that deal, Pershing Square will acquire $400M of Valeant stock at a 15% discount to current market prices immediately prior to consummation of an offer by Valeant to acquire Allergan. Shares of Allergan remain higher by more than 18% in after hours trade, while Valeant shares are up about 10%.
16:59 EDTVRXPershing Square says intends to consult with Valeant on Allergan investment
16:58 EDTVRXPershing Square says Valeant intends to propose merger with Allergan
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16:40 EDTVRXValeant expected to make hostile bid for Allergan tomorrow, Faber says
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16:38 EDTVRXAckman, Valeant team up on Allergan bid, WSJ says
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16:26 EDTVRXValeant, Bill Ackman team up on Allergan takeover, DJ says
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April 16, 2014
08:34 EDTVRXPiper Jaffray tech and biopharma analysts hold analyst/industry conference call
Technical Analyst Johnson, along with BioPharma Analysts, discuss the recent downturn in the biotech and specialty pharmaceuticals industries on an Analyst/Industry conference call to be held on April 17 at 10 am.
07:19 EDTVRXValeant top pick in specialty pharmaceutical space, says Cantor
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