Valeant Pharmaceuticals, which said on Monday that it was teaming up with the hedge fund manager William A. Ackman to bid for the maker of Botox, is no stranger to deal-making.
The Canadian company, which was forged from the 2010 merger of Valeant and Biovail, is known as a serial acquirer, having spent billions of dollars on companies. Its latest, and biggest, target, Allergan, has a market value of about $42 billion.
Acquisitions are common in the world of health care, as companies seek control of lucrative new drugs, but Valeant has been among the most active. It has struck 30 deals since the Biovail transaction in 2010, according to Standard & Poor’s Capital IQ.
The company has also engaged in prominent bids that have failed to result in deals. Below is a sampling of some of its deal-making activities.
Successes
Bausch & Lomb: Valeant agreed in May 2013 to buy the eye care company Bausch & Lomb for about $8.7 billion. The deal closed a few months later. Under its terms, Valeant paid $4.5 billion to the investors that owned Bausch & Lomb, led by the private equity firm Warburg Pincus, and spent about $4.2 billion to repay the company’s debt.
Medicis: In September 2012, Valeant agreed to spend $2.6 billion for the Medicis Pharmaceutical Corporation, a skin care business based in Arizona. The deal closed that December.
Natur Produkt: The Medicis deal came during a particularly active year for Valeant. Among its acquisitions in 2012, it struck a $180 million deal for Natur Produkt International of Russia, a cough and cold pharmaceuticals provider.
Failures
Actavis: Merger talks between Valeant and another drug maker, Actavis, fell through in April 2013, a person briefed on the matter said at the time. Valeant might have paid more than $13 billion in stock to acquire the company. But not long after the collapse of the talks, Actavis agreed to buy a smaller rival, Warner Chilcott, for about $5 billion in stock.
Cephalon: Valeant unveiled a $5.7 billion hostile bid for Cephalon, a biopharmaceutical company, in March 2011. Cephalon rebuffed the offer as too low and opportunistic and, in May, it agreed to sell itself to Teva Pharmaceutical Industries for $6.8 billion.
