On second thought, Allergan doesn't want to consider a bid for Shire, leaving Takeda in sole pursuit of $62.5B deal
Hit with swift retribution after signaling an interest this morning in jumping into a bidding war with Takeda and mounting a bid for Shire $SHPG, Allergan is out.
The biotech put out a statement Thursday afternoon in an abrupt about-face — after watching its shares drop 7% — saying that it “does not intend to make an offer for Shire.” The company added:
Allergan $AGN continues its ongoing process of evaluating a full range of potential strategic actions that will create value for shareholders, such as divestitures, combinations and acquisitions.
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