Shares of Allergan lost one percent on Monday, making it TheStreet's move of the day. The drugmaker rejected Valeant Pharmaceuticals International's $47 billion takeover bid, calling its rival's business model unsustainable and saying that too much uncertainty remains about Valeant's long-term outlook. Allergan said in a letter to Valeant CEO Michael Peterson on Monday, "[Your] Proposal includes a large stock component, which we believe is a risk for Allergan stockholders due to the uncertainty surrounding Valeant's long term growth prospects and business model." TheStreet's Joe Deaux breaks down the move from New York.

If you liked this article you might like

Rules for When the Markets Go Wild: Cramer's 'Mad Money' Recap (Friday 2/23/18)

Rules for When the Markets Go Wild: Cramer's 'Mad Money' Recap (Friday 2/23/18)

24 Stocks Hedge Funds Are Loving Right Now

24 Stocks Hedge Funds Are Loving Right Now

Jim Cramer: Drug Stocks on the Move

Jim Cramer: Drug Stocks on the Move

Allergan Exec on Medical Aesthetics: 'The Future Is About Market Expansion'

Allergan Exec on Medical Aesthetics: 'The Future Is About Market Expansion'

Cramer: 10 Stock Surprises

Cramer: 10 Stock Surprises