Valeant Offers to Buy Botox Maker Allergan With Pershing Support

Allergan Inc.’s Botox Wrinkle Treatment
Allergan Inc.’s Botox wrinkle treatment is arranged at a hospital in Boston. Photographer: JB Reed/Bloomberg

Valeant Pharmaceuticals International Inc. offered to buy Allergan Inc. for about $152.89 a share in a cash-and-stock deal that will give the Canadian company the Botox wrinkle treatment.

Allergan investors would receive $48.30 in cash and 0.83 percent of a Valeant share in the deal, Valeant said in a statement today. Pershing Square Management LP, Allergan’s largest shareholder with 9.7 percent of shares outstanding, supports the purchase, Valeant said. The per-share value of the offer is based on yesterday’s closing price.