NEW YORK (TheStreet) -- Shares of Allergan (AGN) are up 1.18% to $192.30 after the Botox maker, fighting off an acquisition by Valeant Pharmaceuticals (VRX) , said today that it had been approached by another party about a possible transaction.
The company is Actavis (ACT) , sources told Reuters.
Allergan made the disclosure in a regulatory filing today, and has said it was looking for acquisitions but has not previously said it had been contacted about a deal, Reuters said.
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Valeant and Pershing Square Capital Management, which owns nearly a 10% stake in Allergan, made an offer now worth $55 billion for Allergan in April.
TheStreet Ratings team rates ALLERGAN INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ALLERGAN INC (AGN) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, expanding profit margins and increase in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."