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Alternative Market Briefing

Valeant Welcomes John Paulson’s $1bn stake in Allergan

Wednesday, July 02, 2014

Komfie Manalo, Opalesque Asia:

Valeant Pharmaceuticals Inc's chief executive Michael Pearson on Thursday welcomed news that hedge fund manager John Paulson through his firm, Paulson & Co., is building a $1bn stake in Allergan, Reuters said.

Deal-making drug-maker Valeant has partnered with activist hedge fund manager Bill Ackman of Pershing Square to acquire Allergan and shake up its board.

In an interview with Canada's BNN TV, Pearson said he was delighted with Paulson’s move to buy six million shares at Allergan. "We do believe we'll get the 25 percent and the majority we need to get this deal consummated," he was quoted as saying.

According to the report, Paulson’s position, together with Pershing Square’s stocks, are sufficient to provide the group with a 25% support of Allergan shares required to call the special meeting to replace majority of Allergan’s current sitting board.

On Wednesday, Paulson announced he has built a $1bn stake in Allergan and supports a takeover of the Botox maker by Valeant. Paulson's position is a boost to Valeant and its partner in the hostile bid, Ackman. Valean......................

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