Boston, MA 04/29/2013 (wallstreetpr) – The merger talks that were in progress between Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (Closed: $73.16, Down by 0.58%) and Actavis Inc (NYSE:ACT) (Closed: $100.94, Up by 2.07%) have come to a grinding halt. People familiar with the matter said that that this is primarily due to a disagreement on the price. The discussions are not yet public and one of the persons who does not wish to be identified said that the deal was set to be announced by the generic drug makers and that Actavis had bowed-out at the last minute after stopping short at the price that Valeant had offered. However, another person said that this was a temporary development and that the talks will be resumed soon.
A spokesperson, Laurie Little, for the Montreal-based Valeant as well as the New Jersey-based Actavis’ spokesperson, Charlie Mayr, could not be reached immediately for any kind of comment. The stalling of talks had first been reported by the Financial Times on April 27. Actavis is the biggest generic drug-maker in the United States and had been created after the Actavis group had been acquired by Watson Pharmaceuticals, last year. It had then begun operating under the name of the target brand. In 2012, it had revenue of $5.91 billion and $12.9 billion market value.
Valeant is a specialty, multinational pharmaceutical company that develops, produces as well as markets a variety of pharmaceutical products. The company also operates in business segments such as U.S. Neurology and Other, Canada and Australia, U.S. Dermatology, Branded Generics -Latin America and Branded Generics – Europe.
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