ValueAct Capital Management CEO Jeff Ubben said the proposed
combination of Allergan Inc. and Valeant Pharmaceuticals
International Inc. announced Tuesday is a "perfect match" with
identifiable cost savings which would rank number two in eye
health, number one in skin care and number one in aesthetics.
"These are private-paid, consumer driven businesses, where the
patient-physician relationship is still key," the hedge fund chief
and major investor in Valeant said in comments on CNBC.
Valeant, backed by activist investor Bill Ackman, Tuesday
offered to acquire Allergan Inc., valuing the maker of the wrinkle
fighter Botox at about $46 billion.
"We think the model of acquiring R&D is proven," he said of
his firm's strategy. "We're talking about high-single digit organic
growth, the combination, which we believe in," he added.
He said they were open to looking at other prospects in
pharmaceuticals as well.
Mr. Ubben also noted his firm was not re-seeking a board seat on
Valeant because they had to reallocate their time and resources to
Microsoft of which he said his firm now owns more than $2.5 billion
in shares.
Full story at www.cnbc.com
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