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Why Valeant Pharmaceuticals International (VRX)'s Allergan Inc. (AGN) R&D Bid Does Not Make Sense


5/28/2014 8:08:38 AM

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As part of it’s raised bid for Allergan, Valeant Pharmaceuticals is offering a contingent value right, or CVR, for Allergan’s experimental drug for wet age-related macular degeneration(AMD), DARPin. The idea is that Valeant would set up a separate committee to guide the R&D for the product, would commit $400 million to developing it, and would return sales back to holders of the CVR. The idea is to make investors feel better about giving an experimental product to Valeant, which is not known for its R&D but instead for it capacity to make acquisitions and to market products. Ronny Gal, the specialty pharmaceuticals analyst at Bernstein, isn’t having it.

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