June 10 The chief executive of Allergan Inc
said Tuesday he is an "endurance player" who is prepared
for a long, drawn-out effort to fend off a hostile takeover
attempt by Valeant Pharmaceuticals International Inc and
its ally, hedge fund billionaire William Ackman.
"I'm an endurance player; I climbed Kilmanjaro last year,"
David Pyott said in a telephone interview, when asked if he was
prepared to battle Valeant and Ackman possibly into next year.
"I like long slogs and enjoy it; we're planning for a long
Pyott said the top desire of Allergan shareholders was for
the company to use an expected $14 billion in cash flow over the
next five years for acquisitions that fit its differentiated
business model, which includes anti-wrinkle drug Botox and an
array of lucrative prescription eye medicines.
Investors should question the value of Valeant shares, he
said, because the company was unique among specialty drugmakers
in failing to report sales of its individual drugs in its
Instead, it reports sales from an opaque "mishmash of
reporting buckets," such as overall revenue from developed
markets and emerging markets, Pyott said.
(Reporting by Ransdell Pierson; Editing by Bernadette Baum)