Allergan Inc. Curls Up Into Poison-Pill Position In Wake Of Valeant Pharmaceuticals International, Ackman Acquisition Bid

free biotech news Get the latest biotech news where you want it. Sign up for the free GenePool newsletter today!

Allergan Inc. AGN +0.34% has adopted a poison-pill defense in the wake of an unfriendly advance from larger rival Valeant Pharmaceuticals International Inc. VRX -1.75% , which has teamed with activist investor William Ackman to make a $46 billion bid for the Botox maker. If any unapproved investor acquires 10% or more of Allergan’s stock, other stockholders will have the right to buy discounted shares, Allergan said late Tuesday. The defense mechanism, officially known as a shareholder rights plan, effectively prevents Ackman, who disclosed a 9.7% stake in the company on Monday, from significantly growing his position

Help employers find you! Check out all the jobs and post your resume.

Back to news