Allergan and Valeant receive second request for information from US Federal Trade Commission

US Botox maker Allergan (NYSE: AGN) has received a request for additional information from the US Federal Trade Commission in connection with Canada’s Valeant Pharmaceuticals International’s (TSX: VRX) unsolicited acquisition proposal. Valeant has also received a request for additional information from the FTC.

An Allergan statement said: “Allergan intends to respond fully in connection with the ongoing investigation.” It added that it cannot predict how long this investigation will take or how it might otherwise develop. Valeant also said it is cooperating fully with the FTC’s review and will take all actions necessary to obtain regulatory approval for the proposed transaction on a timely basis.

Allergan has rejected Valeant’s offer, with the board of directors calling it “grossly inadequate,” adding that it “substantially undervalues the company, creates significant risks and uncertainties for Allergan stockholders, and is not in the best interests of the company and its stockholders.”