As it pursues a hostile takeover of Allergan, Valeant has reiterated time and again its belief that most pharmaceutical research and development doesn’t pay off.
Seeking to defend itself, Allergan has seized on those comments, accusing Valeant of being more concerned with financial engineering than with innovation. Formally rejecting Valeant’s latest offer on Tuesday with a news release and slide show, Allergan trumpeted its own research successes while pillorying Valeant’s approach.
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