US: Allergan seeks new buyout to foil Valeant’s takeover plans

US pharmaceutical conglomerate Allergan is reportedly looking to foil Canadian rival Valeant’s plans to acquire the US company, now pursuing a merger of its own.

Allergan is reportedly looking to acquire Ireland’s Shire, news that caused Valeant shares to fall Wednesday.

Experts say the Botox maker could acquire Shire to broaden its portfolio into rare disease treatment, a more attractive plan than Valeant’s hostile takeover bid. Reports say Allergan’s rumored plan is expected to reveal itself with an “imminent” formal bid.

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