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Botox maker Allergan draws bid from Valeant

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NEW YORK (AP) — Valeant Pharmaceuticals and activist investor Bill Ackman have unveiled details of their offer to buy Botox maker Allergan, proposing a cash-and-stock deal that could be worth about $45.6 billion.

If an acquisition happens, it would give Valeant an array of other cosmetic and eye drugs and add to a string of more than 50 acquisitions that have made it one of Canada’s largest drugmakers.

Each Allergan share would be exchanged for $48.30 in cash and 0.83 shares of Valeant Pharmaceuticals International Inc. common stock. Shareholders can choose a mix of cash and stock.

Allergan Inc. stockholders would own 43 percent of the combined company.

Ackman’s Pershing Square Capital Management LP – Allergan’s biggest stockholder at 9.7 percent – has agreed to take only stock in the transaction and plans to continue as a long-term shareholder of the combined company.

Valeant Chairman and CEO J. Michael Pearson said in a statement that Allergan CEO David Pyott and the company’s board have made it clear that they don’t want to have talks about a potential combination. But Pearson said he’s hoping that the offer being put on the table will enable the two sides “to engage in productive discussions.”

On Monday Allergan said in a statement that if it received an offer that its board – along with financial and legal advisers – would evaluate it.

Valeant, which is based in Laval, Quebec, said Tuesday that it anticipates the proposed Allergan deal resulting in more than $2.7 billion in annual cost savings.

Allergan, based in Irvine, Calif., has long been considered one of the star performers in the specialty pharmaceutical sector. “Specialty pharmaceutical” is an industry term that differentiates smaller drugmakers from much bigger companies that sell a wide array of drugs, such as Pfizer and Merck.

Allergan reported revenue of $6.3 billion last year, up 12 percent from 2012. The company’s growth has been driven by expanding use of its blockbuster product, Botox, combined with a broad offering of eye care drugs, skin care formulas and breast implants.

Last year Botox sales rose 12 percent to nearly $2 billion. First introduced in 1989, the injectable drug is most famous for its ability to smooth wrinkle lines on aging foreheads. But over the years Allergan has racked up more than a half-dozen other approved uses for Botox, including treatment for neck spasms, eye muscle disorders and migraine headaches.

Allergan’s shares jumped more than 18 percent in premarket trading. Valeant’s stock rose more than 7 percent.

Valeant also announced Tuesday that it is raising its full-year earnings forecast to $8.55 to $8.80 per share, up from $8.25 to $8.75 per share. It’s also boosting its revenue guidance to a range of $8.3 billion to $8.7 billion. Previously the company predicted revenue of $8.2 billion to $8.6 billion.

Analysts surveyed by FactSet expect 2014 earnings of $9.63 per share on revenue of$9.35 billion.

Botox maker Allergan draws bid from Valeant

KDWN

NEW YORK (AP) — Valeant Pharmaceuticals and activist investor Bill Ackman have unveiled details of their offer to buy Botox maker Allergan, proposing a cash-and-stock deal that could be worth about $45.6 billion.

If an acquisition happens, it would give Valeant an array of other cosmetic and eye drugs and add to a string of more than 50 acquisitions that have made it one of Canada’s largest drugmakers.

Each Allergan share would be exchanged for $48.30 in cash and 0.83 shares of Valeant Pharmaceuticals International Inc. common stock. Shareholders can choose a mix of cash and stock.

Allergan Inc. stockholders would own 43 percent of the combined company.

Ackman’s Pershing Square Capital Management LP – Allergan’s biggest stockholder at 9.7 percent – has agreed to take only stock in the transaction and plans to continue as a long-term shareholder of the combined company.

Valeant Chairman and CEO J. Michael Pearson said in a statement that Allergan CEO David Pyott and the company’s board have made it clear that they don’t want to have talks about a potential combination. But Pearson said he’s hoping that the offer being put on the table will enable the two sides “to engage in productive discussions.”

On Monday Allergan said in a statement that if it received an offer that its board – along with financial and legal advisers – would evaluate it.

Valeant, which is based in Laval, Quebec, said Tuesday that it anticipates the proposed Allergan deal resulting in more than $2.7 billion in annual cost savings.

Allergan, based in Irvine, Calif., has long been considered one of the star performers in the specialty pharmaceutical sector. “Specialty pharmaceutical” is an industry term that differentiates smaller drugmakers from much bigger companies that sell a wide array of drugs, such as Pfizer and Merck.

Allergan reported revenue of $6.3 billion last year, up 12 percent from 2012. The company’s growth has been driven by expanding use of its blockbuster product, Botox, combined with a broad offering of eye care drugs, skin care formulas and breast implants.

Last year Botox sales rose 12 percent to nearly $2 billion. First introduced in 1989, the injectable drug is most famous for its ability to smooth wrinkle lines on aging foreheads. But over the years Allergan has racked up more than a half-dozen other approved uses for Botox, including treatment for neck spasms, eye muscle disorders and migraine headaches.

Allergan’s shares jumped more than 18 percent in premarket trading. Valeant’s stock rose more than 7 percent.

Valeant also announced Tuesday that it is raising its full-year earnings forecast to $8.55 to $8.80 per share, up from $8.25 to $8.75 per share. It’s also boosting its revenue guidance to a range of $8.3 billion to $8.7 billion. Previously the company predicted revenue of $8.2 billion to $8.6 billion.

Analysts surveyed by FactSet expect 2014 earnings of $9.63 per share on revenue of$9.35 billion.

Botox maker Allergan draws bid from Valeant

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NEW YORK (AP) — Valeant Pharmaceuticals is teaming up with activist investor Bill Ackman in a bid for Botox maker Allergan that could be worth about $40 billion.

Valeant said Monday that it intends to propose a merger with Allergan using a combination of Valeant stock and cash. The transaction size has not been disclosed, but Valeant expects the cash portion of the deal to be at least $15 billion.

Allergan said it had no comment on the bid late Monday.

In a separate filing, Ackman’s Pershing Square Capital Management said it owns a 9.7 percent stake in Allergan worth $4.1 billion. Ackman’s stake would make an Allergan deal worth around $40 billion.

Valeant Pharmaceuticals International Inc. is one of Canada’s largest pharmaceutical companies, with revenue of $5.8 billion last year. The company, headquartered in Laval, Quebec, has pursued an aggressive acquisition strategy. It’s racked up more than 50 deals since 2008.

Last August, it completed an $8.7 billion acquisition of Bausch + Lomb, giving it a major stake in the market for contact lenses, eye drugs and eye surgical devices. Before that, the company’s largest deals included a $1.65 billion tie-up with Biovail Corp. in 2010 and its $2.6 billion acquisition of dermatology products maker Medicis Pharma in December 2012.

Allergan, which is based in Irvine, Calif., has long been one of the star performers in the specialty pharmaceutical sector. “Specialty pharmaceutical” is an industry term that differentiates smaller drugmakers from much bigger companies that sell a wide array of drugs, such as Pfizer and Merck.

Allergan reported revenue of $6.3 billion last year, up 12 percent from 2012. The company’s growth has been driven by expanding use of its blockbuster product, Botox, combined with a broad offering of eye care drugs, skin care formulas and breast implants.

Last year Botox sales rose 12 percent to nearly $2 billion. First introduced in 1989, the injectable drug is most famous for its ability to smooth wrinkle lines on aging foreheads. But over the years Allergan has racked up more than a half-dozen other approved uses for Botox, including treatment for neck spasms, eye muscle disorders and migraine headaches.

Allergan’s stock jumped $29.50, or 21 percent, to $171.50 in after-hours trading.

U.S.-traded shares of Valeant rose $13.04, or more than 10 percent, to $139.05.

Perrone reported from Washington.

Botox maker Allergan draws bid from Valeant

KDWN

NEW YORK (AP) — Valeant Pharmaceuticals is teaming up with activist investor Bill Ackman in a bid for Botox maker Allergan that could be worth about $40 billion.

Valeant said Monday that it intends to propose a merger with Allergan using a combination of Valeant stock and cash. The transaction size has not been disclosed, but Valeant expects the cash portion of the deal to be at least $15 billion.

Allergan said it had no comment on the bid late Monday.

In a separate filing, Ackman’s Pershing Square Capital Management said it owns a 9.7 percent stake in Allergan worth $4.1 billion. Ackman’s stake would make an Allergan deal worth around $40 billion.

Valeant Pharmaceuticals International Inc. is one of Canada’s largest pharmaceutical companies, with revenue of $5.8 billion last year. The company, headquartered in Laval, Quebec, has pursued an aggressive acquisition strategy. It’s racked up more than 50 deals since 2008.

Last August, it completed an $8.7 billion acquisition of Bausch + Lomb, giving it a major stake in the market for contact lenses, eye drugs and eye surgical devices. Before that, the company’s largest deals included a $1.65 billion tie-up with Biovail Corp. in 2010 and its $2.6 billion acquisition of dermatology products maker Medicis Pharma in December 2012.

Allergan, which is based in Irvine, Calif., has long been one of the star performers in the specialty pharmaceutical sector. “Specialty pharmaceutical” is an industry term that differentiates smaller drugmakers from much bigger companies that sell a wide array of drugs, such as Pfizer and Merck.

Allergan reported revenue of $6.3 billion last year, up 12 percent from 2012. The company’s growth has been driven by expanding use of its blockbuster product, Botox, combined with a broad offering of eye care drugs, skin care formulas and breast implants.

Last year Botox sales rose 12 percent to nearly $2 billion. First introduced in 1989, the injectable drug is most famous for its ability to smooth wrinkle lines on aging foreheads. But over the years Allergan has racked up more than a half-dozen other approved uses for Botox, including treatment for neck spasms, eye muscle disorders and migraine headaches.

Allergan’s stock jumped $29.50, or 21 percent, to $171.50 in after-hours trading.

U.S.-traded shares of Valeant rose $13.04, or more than 10 percent, to $139.05.

Perrone reported from Washington.

Botox maker Allergan draws bid from Valeant

KDWN

NEW YORK (AP) — Valeant Pharmaceuticals is teaming up with activist investor Bill Ackman in a bid for Botox maker Allergan that could be worth about $40 billion.

Valeant said Monday that it intends to propose a merger with Allergan using a combination of Valeant stock and cash. The transaction size has not been disclosed, but Valeant expects the cash portion of the deal to be at least $15 billion.

Allergan said it had no comment on the bid late Monday.

In a separate filing, Ackman’s Pershing Square Capital Management said it owns a 9.7 percent stake in Allergan worth $4.1 billion. Ackman’s stake would make an Allergan deal worth around $40 billion.

Valeant Pharmaceuticals International Inc. is one of Canada’s largest pharmaceutical companies, with revenue of $5.8 billion last year. The company, headquartered in Laval, Quebec, has pursued an aggressive acquisition strategy. It’s racked up more than 50 deals since 2008.

Last August, it completed an $8.7 billion acquisition of Bausch + Lomb, giving it a major stake in the market for contact lenses, eye drugs and eye surgical devices. Before that, the company’s largest deals included a $1.65 billion tie-up with Biovail Corp. in 2010 and its $2.6 billion acquisition of dermatology products maker Medicis Pharma in December 2012.

Allergan, which is based in Irvine, Calif., has long been one of the star performers in the specialty pharmaceutical sector. “Specialty pharmaceutical” is an industry term that differentiates smaller drugmakers from much bigger companies that sell a wide array of drugs, such as Pfizer and Merck.

Allergan reported revenue of $6.3 billion last year, up 12 percent from 2012. The company’s growth has been driven by expanding use of its blockbuster product, Botox, combined with a broad offering of eye care drugs, skin care formulas and breast implants.

Last year Botox sales rose 12 percent to nearly $2 billion. First introduced in 1989, the injectable drug is most famous for its ability to smooth wrinkle lines on aging foreheads. But over the years Allergan has racked up more than a half-dozen other approved uses for Botox, including treatment for neck spasms, eye muscle disorders and migraine headaches.

Allergan’s stock jumped $29.50, or 21 percent, to $171.50 in after-hours trading.

U.S.-traded shares of Valeant rose $13.04, or more than 10 percent, to $139.05.

Perrone reported from Washington.

Botox maker Allergan draws bid from Valeant

KDWN

NEW YORK (AP) — Valeant Pharmaceuticals is teaming up with activist investor Bill Ackman in a bid for Botox maker Allergan that could be worth about $40 billion.

Valeant said Monday that it intends to propose a merger with Allergan using a combination of Valeant stock and cash. The transaction size has not been disclosed, but Valeant expects the cash portion of the deal to be at least $15 billion.

Allergan said it had no comment on the bid late Monday.

In a separate filing, Ackman’s Pershing Square Capital Management said it owns a 9.7 percent stake in Allergan worth $4.1 billion. Ackman’s stake would make an Allergan deal worth around $40 billion.

Valeant Pharmaceuticals International Inc. is one of Canada’s largest pharmaceutical companies, with revenue of $5.8 billion last year. The company, headquartered in Laval, Quebec, has pursued an aggressive acquisition strategy. It’s racked up more than 50 deals since 2008.

Last August, it completed an $8.7 billion acquisition of Bausch + Lomb, giving it a major stake in the market for contact lenses, eye drugs and eye surgical devices. Before that, the company’s largest deals included a $1.65 billion tie-up with Biovail Corp. in 2010 and its $2.6 billion acquisition of dermatology products maker Medicis Pharma in December 2012.

Allergan, which is based in Irvine, Calif., has long been one of the star performers in the specialty pharmaceutical sector. “Specialty pharmaceutical” is an industry term that differentiates smaller drugmakers from much bigger companies that sell a wide array of drugs, such as Pfizer and Merck.

Allergan reported revenue of $6.3 billion last year, up 12 percent from 2012. The company’s growth has been driven by expanding use of its blockbuster product, Botox, combined with a broad offering of eye care drugs, skin care formulas and breast implants.

Last year Botox sales rose 12 percent to nearly $2 billion. First introduced in 1989, the injectable drug is most famous for its ability to smooth wrinkle lines on aging foreheads. But over the years Allergan has racked up more than a half-dozen other approved uses for Botox, including treatment for neck spasms, eye muscle disorders and migraine headaches.

Allergan’s stock jumped $29.50, or 21 percent, to $171.50 in after-hours trading.

U.S.-traded shares of Valeant rose $13.04, or more than 10 percent, to $139.05.

Perrone reported from Washington.

Botox maker Allergan draws bid from Valeant

KDWN

NEW YORK (AP) — Valeant Pharmaceuticals is teaming up with activist investor Bill Ackman in a bid for Botox maker Allergan that could be worth about $40 billion.

Valeant said Monday that it intends to propose a merger with Allergan using a combination of Valeant stock and cash. The transaction size has not been disclosed, but Valeant expects the cash portion of the deal to be at least $15 billion.

Allergan said it had no comment on the bid late Monday.

In a separate filing, Ackman’s Pershing Square Capital Management said it owns a 9.7 percent stake in Allergan worth $4.1 billion. Ackman’s stake would make an Allergan deal worth around $40 billion.

Valeant Pharmaceuticals International Inc. is one of Canada’s largest pharmaceutical companies, with revenue of $5.8 billion last year. The company, headquartered in Laval, Quebec, has pursued an aggressive acquisition strategy. It’s racked up more than 50 deals since 2008.

Last August, it completed an $8.7 billion acquisition of Bausch + Lomb, giving it a major stake in the market for contact lenses, eye drugs and eye surgical devices. Before that, the company’s largest deals included a $1.65 billion tie-up with Biovail Corp. in 2010 and its $2.6 billion acquisition of dermatology products maker Medicis Pharma in December 2012.

Allergan, which is based in Irvine, Calif., has long been one of the star performers in the specialty pharmaceutical sector. “Specialty pharmaceutical” is an industry term that differentiates smaller drugmakers from much bigger companies that sell a wide array of drugs, such as Pfizer and Merck.

Allergan reported revenue of $6.3 billion last year, up 12 percent from 2012. The company’s growth has been driven by expanding use of its blockbuster product, Botox, combined with a broad offering of eye care drugs, skin care formulas and breast implants.

Last year Botox sales rose 12 percent to nearly $2 billion. First introduced in 1989, the injectable drug is most famous for its ability to smooth wrinkle lines on aging foreheads. But over the years Allergan has racked up more than a half-dozen other approved uses for Botox, including treatment for neck spasms, eye muscle disorders and migraine headaches.

Allergan’s stock jumped $29.50, or 21 percent, to $171.50 in after-hours trading.

U.S.-traded shares of Valeant rose $13.04, or more than 10 percent, to $139.05.

Perrone reported from Washington.

Botox maker Allergan draws bid from Valeant

KDWN

NEW YORK (AP) — Valeant Pharmaceuticals is teaming up with activist investor Bill Ackman in a bid for Botox maker Allergan that could be worth about $40 billion.

Valeant said Monday that it intends to propose a merger with Allergan using a combination of Valeant stock and cash. The transaction size has not been disclosed, but Valeant expects the cash portion of the deal to be at least $15 billion.

Allergan said it had no comment on the bid late Monday.

In a separate filing, Ackman’s Pershing Square Capital Management said it owns a 9.7 percent stake in Allergan worth $4.1 billion. Ackman’s stake would make an Allergan deal worth around $40 billion.

Valeant Pharmaceuticals International Inc. is one of Canada’s largest pharmaceutical companies, with revenue of $5.8 billion last year. The company, headquartered in Laval, Quebec, has pursued an aggressive acquisition strategy. It’s racked up more than 50 deals since 2008.

Last August, it completed an $8.7 billion acquisition of Bausch + Lomb, giving it a major stake in the market for contact lenses, eye drugs and eye surgical devices. Before that, the company’s largest deals included a $1.65 billion tie-up with Biovail Corp. in 2010 and its $2.6 billion acquisition of dermatology products maker Medicis Pharma in December 2012.

Allergan, which is based in Irvine, Calif., has long been one of the star performers in the specialty pharmaceutical sector. “Specialty pharmaceutical” is an industry term that differentiates smaller drugmakers from much bigger companies that sell a wide array of drugs, such as Pfizer and Merck.

Allergan reported revenue of $6.3 billion last year, up 12 percent from 2012. The company’s growth has been driven by expanding use of its blockbuster product, Botox, combined with a broad offering of eye care drugs, skin care formulas and breast implants.

Last year Botox sales rose 12 percent to nearly $2 billion. First introduced in 1989, the injectable drug is most famous for its ability to smooth wrinkle lines on aging foreheads. But over the years Allergan has racked up more than a half-dozen other approved uses for Botox, including treatment for neck spasms, eye muscle disorders and migraine headaches.

Allergan’s stock jumped $29.50, or 21 percent, to $171.50 in after-hours trading.

U.S.-traded shares of Valeant rose $13.04, or more than 10 percent, to $139.05.

Perrone reported from Washington.

Botox maker Allergan draws bid from Valeant

KDWN

NEW YORK (AP) — Valeant Pharmaceuticals is teaming up with activist investor Bill Ackman in a bid for Botox maker Allergan that could be worth about $40 billion.

Valeant said Monday that it intends to propose a merger with Allergan using a combination of Valeant stock and cash. The transaction size has not been disclosed, but Valeant expects the cash portion of the deal to be at least $15 billion.

Allergan said it had no comment on the bid late Monday.

In a separate filing, Ackman’s Pershing Square Capital Management said it owns a 9.7 percent stake in Allergan worth $4.1 billion. Ackman’s stake would make an Allergan deal worth around $40 billion.

Valeant Pharmaceuticals International Inc. is one of Canada’s largest pharmaceutical companies, with revenue of $5.8 billion last year. The company, headquartered in Laval, Quebec, has pursued an aggressive acquisition strategy. It’s racked up more than 50 deals since 2008.

Last August, it completed an $8.7 billion acquisition of Bausch + Lomb, giving it a major stake in the market for contact lenses, eye drugs and eye surgical devices. Before that, the company’s largest deals included a $1.65 billion tie-up with Biovail Corp. in 2010 and its $2.6 billion acquisition of dermatology products maker Medicis Pharma in December 2012.

Allergan, which is based in Irvine, Calif., has long been one of the star performers in the specialty pharmaceutical sector. “Specialty pharmaceutical” is an industry term that differentiates smaller drugmakers from much bigger companies that sell a wide array of drugs, such as Pfizer and Merck.

Allergan reported revenue of $6.3 billion last year, up 12 percent from 2012. The company’s growth has been driven by expanding use of its blockbuster product, Botox, combined with a broad offering of eye care drugs, skin care formulas and breast implants.

Last year Botox sales rose 12 percent to nearly $2 billion. First introduced in 1989, the injectable drug is most famous for its ability to smooth wrinkle lines on aging foreheads. But over the years Allergan has racked up more than a half-dozen other approved uses for Botox, including treatment for neck spasms, eye muscle disorders and migraine headaches.

Allergan’s stock jumped $29.50, or 21 percent, to $171.50 in after-hours trading.

U.S.-traded shares of Valeant rose $13.04, or more than 10 percent, to $139.05.

Perrone reported from Washington.

Botox maker Allergan draws bid from Valeant

KDWN

NEW YORK (AP) — Valeant Pharmaceuticals is teaming up with activist investor Bill Ackman in a bid for Botox maker Allergan that could be worth about $40 billion.

Valeant said Monday that it intends to propose a merger with Allergan using a combination of Valeant stock and cash. The transaction size has not been disclosed, but Valeant expects the cash portion of the deal to be at least $15 billion.

Allergan said it had no comment on the bid late Monday.

In a separate filing, Ackman’s Pershing Square Capital Management said it owns a 9.7 percent stake in Allergan worth $4.1 billion. Ackman’s stake would make an Allergan deal worth around $40 billion.

Valeant Pharmaceuticals International Inc. is one of Canada’s largest pharmaceutical companies, with revenue of $5.8 billion last year. The company, headquartered in Laval, Quebec, has pursued an aggressive acquisition strategy. It’s racked up more than 50 deals since 2008.

Last August, it completed an $8.7 billion acquisition of Bausch + Lomb, giving it a major stake in the market for contact lenses, eye drugs and eye surgical devices. Before that, the company’s largest deals included a $1.65 billion tie-up with Biovail Corp. in 2010 and its $2.6 billion acquisition of dermatology products maker Medicis Pharma in December 2012.

Allergan, which is based in Irvine, Calif., has long been one of the star performers in the specialty pharmaceutical sector. “Specialty pharmaceutical” is an industry term that differentiates smaller drugmakers from much bigger companies that sell a wide array of drugs, such as Pfizer and Merck.

Allergan reported revenue of $6.3 billion last year, up 12 percent from 2012. The company’s growth has been driven by expanding use of its blockbuster product, Botox, combined with a broad offering of eye care drugs, skin care formulas and breast implants.

Last year Botox sales rose 12 percent to nearly $2 billion. First introduced in 1989, the injectable drug is most famous for its ability to smooth wrinkle lines on aging foreheads. But over the years Allergan has racked up more than a half-dozen other approved uses for Botox, including treatment for neck spasms, eye muscle disorders and migraine headaches.

Allergan’s stock jumped $29.50, or 21 percent, to $171.50 in after-hours trading.

U.S.-traded shares of Valeant rose $13.04, or more than 10 percent, to $139.05.

Perrone reported from Washington.

Botox maker Allergan draws bid from Valeant

KDWN

NEW YORK (AP) — Valeant Pharmaceuticals is teaming up with activist investor Bill Ackman in a bid for Botox maker Allergan that could be worth about $40 billion.

Valeant said Monday that it intends to propose a merger with Allergan using a combination of Valeant stock and cash. The transaction size has not been disclosed, but Valeant expects the cash portion of the deal to be at least $15 billion.

Allergan said it had no comment on the bid late Monday.

In a separate filing, Ackman’s Pershing Square Capital Management said it owns a 9.7 percent stake in Allergan worth $4.1 billion. Ackman’s stake would make an Allergan deal worth around $40 billion.

Valeant Pharmaceuticals International Inc. is one of Canada’s largest pharmaceutical companies, with revenue of $5.8 billion last year. The company, headquartered in Laval, Quebec, has pursued an aggressive acquisition strategy. It’s racked up more than 50 deals since 2008.

Last August, it completed an $8.7 billion acquisition of Bausch + Lomb, giving it a major stake in the market for contact lenses, eye drugs and eye surgical devices. Before that, the company’s largest deals included a $1.65 billion tie-up with Biovail Corp. in 2010 and its $2.6 billion acquisition of dermatology products maker Medicis Pharma in December 2012.

Allergan, which is based in Irvine, Calif., has long been one of the star performers in the specialty pharmaceutical sector. “Specialty pharmaceutical” is an industry term that differentiates smaller drugmakers from much bigger companies that sell a wide array of drugs, such as Pfizer and Merck.

Allergan reported revenue of $6.3 billion last year, up 12 percent from 2012. The company’s growth has been driven by expanding use of its blockbuster product, Botox, combined with a broad offering of eye care drugs, skin care formulas and breast implants.

Last year Botox sales rose 12 percent to nearly $2 billion. First introduced in 1989, the injectable drug is most famous for its ability to smooth wrinkle lines on aging foreheads. But over the years Allergan has racked up more than a half-dozen other approved uses for Botox, including treatment for neck spasms, eye muscle disorders and migraine headaches.

Allergan’s stock jumped $29.50, or 21 percent, to $171.50 in after-hours trading.

U.S.-traded shares of Valeant rose $13.04, or more than 10 percent, to $139.05.

Perrone reported from Washington.