The biggest loser wins!
The New York Post reports that Botox maker Allergan has agreed to be acquired by Irish drugmaker Actavis for $66bn, or $219 per share.
The deal, announced early Monday morning, ends the months-long hostile takeover attempt of Allergan by Canadian pharma giant Valeant and its partner, activist hedge fund mogul Bill Ackman, who took a 9.7% stake in Allergan to help push their deal to fruition.
But Ackman and Valeant won’t be crying over spilled milk.
Ackman’s Pershing Square hedge fund will make $2.3bn profit on its Allergan investment, after sharing roughly $400m of profits with Valeant as per their arrangement.
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