Valeant Pharmaceuticals International turned its second-quarter results announcement into another pitch for its $54 billion offer for rival Allergan Inc.
The Canadian company, which is working with Pershing Square Capital Management on its bid for Allergan, pointed to growth in almost all of its business lines as it announced higher profits and sales. And it said that it remains “focused on completing the Allergan transaction,” in spite of that company’s opposition to it.
Valeant has launched a hostile tender offer for Allergan, while Pershing Square seeks to oust the company’s board. Valeant said it planned to integrate Allergan in much the same way it merged with Bausch & Lomb.
That’s not likely to offer much comfort to Allergan, which has blasted Valeant as a serial acquirer with an unsustainable business strategy.