Takeover target Allergen reports strong 1st-qtr sales growth
US drugmaker Allergan (NYSE: AGN) reported a strong set of first-quarter 2014 financial results, with global sales jumping 13% to $1.62 billion and beating Wall Street expectations of $1.60 billion. Shares of the company dipped 1.2% to $164.31 in mid-morning trading.
The company also said it was reviewing an unsolicited $47 billion takeover bid from Valeant Pharmaceuticals International TSX: VRX; The Pharma Letter April 22). According to Bloomberg, Allergan has contacted companies including Sanofi and Johnson & Johnson as it explores alternatives to Valeant’s bid, citing people familiar with the situation who asked not to be identified because the matter is private.
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