Well, yesterday Allergan beat Valeant to the punch so to speak when it announced that it would be cutting 1500 (primarily) R&D discovery jobs and not filling 250 open positions in a cost cutting move aimed at boosting shareholder value = code for keeping out of Valeant's takeover clutches. Analysts hailed the move as great for Allergan shareholder value regardless of their motives.
Valeant cried foul sounding like an orchestra of scorched cats. With Bill "Activist Investor" Ackman taking to the airwaves to decry the move as 'Valeant-lite' and presumably less filling. Ackman also said he was 'scared to death' that Allergan's CEO Pyott would make good on his threat to buy someone for cash to avoid any need for board approval -- and thus make itself less attractive to Valeant. Valeant's CEO Pearson said a "non-value creating deal" could push his company's offer lower or cause them to walk. Ah, Michael -- that would be the intent don't you see.
I'm pretty sure that Pyott doesn't want Pearson to buy. See Fierce Pharma.
Posted by Bruce Lehr July 22nd 2014.