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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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September 26, 2014
08:03 EDTVRXValeant announces positive results from Phase 3 study of loteprednol etabonate
Bausch + Lomb, a wholly owned subsidiary of Valeant, announced that its next generation sub-micron gel formulation of loteprednol etabonate was statistically superior to placebo in eliminating inflammation and pain following cataract surgery by study day eight, the primary endpoints in the first Phase 3, multi-center, double-masked, vehicle-controlled, parallel-group study. The new gel formulation features a sub-micron particle size, intended to enhance tissue penetration of the drug, and a lower concentration of loteprednol etabonate than the company's currently-marketed LOTEMAX. Based on the preclinical data, the 0.38% submicron formulation demonstrated enhanced drug penetration to key ocular tissues related to the treatment of post-operative inflammation as compared to the 0.5% Lotemax Gel and the 0.5% Lotemax suspension formulas. The primary efficacy endpoints were the proportion of patients with complete resolution of anterior chamber cells, a marker of ocular inflammation, in the study eye at day eight and the proportion of subjects with Grade 0 pain in the study eye at day eight.
September 25, 2014
12:42 EDTVRXValeant holder ValueAct Capital intends to add to position
In a regulatory filing, ValueAct Capital, the beneficial owner of a 5.6% stake in Valeant, said in part, "On September 25, Valeant announced that its board of directors appointed Jeffrey W. Ubben, Founder, CEO, and the Chief Investment Officer of ValueAct Capital, to become a director of the board, effective as of October 1. ValueAct Capital currently intends to add to its existing ownership position in Valeant, the exact amount and pricing shall be dependent on market conditions." Shares of Valeant Pharmaceuticals are up over 3% to $127.96 in midday trading.
10:51 EDTVRXValeant names activist investor Jeffrey Ubben to its board
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09:46 EDTVRXAllergan unlikely to be impacted by Nicox's Vesneo, says BMO Capital
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09:07 EDTVRXAllergan says will continue to act in best interest of holders
Allergan (AGN) issued a statement regarding recent correspondence with Valeant (VRX). The statement read in part, "Allergan’s Board of Directors and management team understand that the ongoing situation with Valeant and its partner, Pershing Square Capital Management, L.P., is purely a discussion about who can deliver greater value to Allergan’s stockholders. We have been very clear in our belief that we can create more value than Valeant’s offer and our recent actions have been focused on achieving that goal...Allergan has taken all of these actions while maintaining its substantial flexibility to deliver even greater value to stockholders. To that end, the Company will continue to act in its stockholders’ best interests by taking all appropriate steps to accomplish that objective, even in the face of litigation threats made by Pershing Square on September 23, 2014."
08:34 EDTVRXValeant strength not solely due to Q3 update, says UBS
UBS said it does not believe Valeant's (VRX) 7% advance yesterday was solely attributable to the company's Q3 update, but that news reports that Actavis (ACT) may be competing with Allergan (AGN) to buy Salix (SLXP) may have led some investors to see Allergan as more vulnerable to Valeant. UBS won't rule out Allergan having alternative options, but the firm also believes Valeant has additional M&A ideas if a deal with Allergan does not work out. UBS maintains its Buy rating and $155 price target on Valeant.
05:32 EDTVRXBausch + Lomb, NicOx candidate VESNEO meets primary endpoint in Phase 3 studies
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September 24, 2014
09:11 EDTVRXSalix up after CNBC reports merger talks with Actavis
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09:11 EDTVRXValeant sends letter to Allergan CEO and lead independent director
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09:09 EDTVRXValeant expects to be better than guidance on Q3 EPS, organic growth
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09:08 EDTVRXValeant expects Q3 overall same store organic growth to exceed 15%
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09:04 EDTVRXValeant CEO sent letter to Allergan to extend 'olive branch,' CNBC reports
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06:23 EDTVRXExperts see new tax rules not halting inversions, WSJ reports
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September 23, 2014
16:13 EDTVRXPershing's Ackman sends letter to Allergan, threatens suit
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12:28 EDTVRXSalix climbs after reports say Allergan discussing takeover
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08:53 EDTVRXInversion regulations look more onerous than expected, says FBR Capital
FBR Capital says the new regulations announced last night by the Treasury and IRS contain appear more onerous than expected. FBR points out the proposed changes remove the ability of inverting companies to make "hopscotch loans" between the foreign and domestic subsidiaries. The firm believes the regulations will not end the practice of inversions, and it still expects completion of already announced deals.
08:38 EDTVRXPershing threatens suit against Allergan if no vote held on Salix deal, WSJ says
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05:56 EDTVRXTreasury, IRS announce plans to reduce inversion tax benefits
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September 22, 2014
19:03 EDTVRXAllergan rejected buyout bid from Actavis, in advanced talks for Salix, WSJ says
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September 19, 2014
11:25 EDTVRXSenators bring bill requiring companies to settle before inverting
U.S. Senators Sherrod Brown and Dick Durbin announced new legislation requiring corporations to "Pay What You Owe Before You Go" – settling their U.S. tax bill before relocating to a foreign country. "Everyone knows that before you leave a restaurant you have to settle your tab," Brown said. "Corporations shouldn’t get to play by different rules. While it is critical that we reach a long-term solution that reforms our international corporate tax code by implementing a global minimum tax and reducing the statutory tax rate, this bill is an immediate, commonsense measure to ensure businesses settle up before leaving the U.S." Among the deals or possible transactions that involve inversion are Mylan's (MYL) acquisition of Abbott (ABT), Medtronic's (MDT) acquisition of Covidien (COV) and Valeant's (VRX) proposed takeover of Allergan (AGN).
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