Valeant Pharmaceuticals’ shares are on a tear so far this year. Activist investor Bill Ackman is betting on the company, and is pushing it to buy Allergan, maker of popular anti-wrinkle drug Botox. There’s just one wrinkle in the deal: Allergan says it is undervalued, and doesn’t want to be bought. After posting gains of more than 50% over the last 12 months, market watchers are worrying whether all of the big talk and big gains posted by pharmaceutical companies will turn out to be hot air, with boards stalemated in M&A processes and companies like Allergan insisting they’re better off independent.
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