Allergan Seeks Own Deals Amid Buyout Talk

Allergan, the target of takeover speculation, is shopping for acquisitions of its own, CEO David Pyott told Bloomberg in an interview.

Pyott declined to say whether another drugmaker offered to buy Allergan, a maker of wrinkle-remedy products such as Botox. Shares of the Irvine, Calif., company rose more than 13% Tuesday following a report that said GlaxoSmithKline(GSK Quote) might be interested in acquiring the company.

The Allergan CEO didn't rule out a sale, Bloomberg reports. "Somebody would have to come out with a very compelling proposition," Pyott told Bloomberg.

Allergan is seeking purchases that would augment its focus on cosmetics, specialty eye care, obesity treatment, urology or neurology, Pyott said.

"We are constantly looking at new opportunities," Pyott said, Bloomberg reports. "We have well over a billion in the bank, and we could do a multibillion-dollar deal if it made sense."

Company spokespeople from Allergan and Glaxo declined to comment on the report from Web site dealreporter.com.