Valeant tables Allergan offer

Valeant Pharmaceuticals International, which last year acquired Bausch+Lomb for $8.7bn in cash, has tabled a bid to merge with eye drug firm Allergan.

Allergan received the unsolicited proposal from Valeant last week, and said its board would carefully review and consider it.

Under the merger proposal each Allergan share would be exchanged for $48.30 in cash and 0.83 shares of Valeant common stock.

‘This proposal represents an undeniable opportunity to create extraordinary value for both Allergan and Valeant shareholders by establishing an unrivalled platform with leading positions in ophthalmology, dermatology, aesthetics, dental and the emerging markets,’ said J Michael Pearson, chairman and CEO of Valeant.