Biotech Values

[DewDiligence]

ACT-AGN merger is now official @$219/sh:

http://online.wsj.com/articles/actavis-agrees-to-buy-allergan-1416233901

Actavis PLC said Monday that it would pay $66 billion in cash and stock for Allergan Inc. in a deal that appears to have thwarted a hostile takeover of the Botox maker.

Under the terms, Actavis would pay a total of $219 a share with nearly 60% of the deal in cash and the rest in stock, Actavis said. The combined company is expected to have a roughly 15% tax rate, according to Actavis’s planned presentation on the deal that was reviewed by The Wall Street Journal. The boards of Dublin-based Actavis and Allergan, of Irvine, Calif., have blessed the deal…

The companies appear to have shielded Allergan from a hostile takeover by Valeant Pharmaceuticals International Inc., which had bid $53 billion for Allergan but has indicated it may raise its offer. Valeant CEO Michael Pearson said the company would review Actavis’s offer but indicated the price was now too steep for a counteroffer.

Shares of Actavis rose 3% to $251, while Allergan shares increased 6.7% to $211.90.

…A combination with Actavis, led by Mr. Saunders and Executive Chairman Paul Bisaro, would make for one of the world’s biggest pharmaceutical companies, selling eye, skin and stomach drugs with $23 billion in yearly sales.

ACT-AGN’s joint PR:
http://finance.yahoo.com/news/actavis-acquire-allergan-create-top-141500846.html

A CC started at 10:30am ET.