Valeant ups bid for Botox maker

VALEANT yesterday raised the cash component of its unsolicited offer for Botox-maker Allergan, valuing the US firm at $49.44bn (£29.51bn) and ratcheting up pressure on the target company.

The Canadian pharmaceutical firm’s sweetened offer for Allergan also included a contingent value right that could be worth an additional $7.6bn, offering to pay $58.30 per Allergan share in cash, about $10 higher than its previous offer of $48.30.

The new offer values Allergan at $166.16 a share, and is about 8.6 per cent higher than the previous bid of $153 made on 22 April.

The move came as Valeant sold the rights to several injectable treatments for facial wrinkles to Nestle for $1.4bn, signalling the Swiss giant’s ambitions in skin health products.