As behind the scenes negotiations to purchase Allergan, Inc. (NYSE:AGN) are ongoing – and ValueWalk sources who had been providing a steady stream of behind the scenes information take a more circumspect tone – comes a Bank of Montreal analysis that supports Allergan’s claims that they have won the important hearts and minds of doctors.

Allergan Valeant

Valeant and Allergan fighting to win support of ophthalmologists

Doctors and more specifically ophthalmologists are a key influencer in the decision making process to purchase Allergan’s products. As reported in The Wall Street Journal, both Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX) and Allergan, Inc. (NYSE:AGN) have been fighting hard to win the support of this influential group in their takeover fight.

Allergan Valeant

The Bank of Montreal survived 51 ophthalmologists, finding that fully 74 percent of respondents said they had a negative feeling about the proposed deal. But even more significant, 37 percent of the doctors surveyed said they would change their purchasing patterns as a result, shifting business away from a combined Valeant / Allergan company.

Allergan Valeant

Ophthalmologists expressing concerns over Allergan’s takeover

“We believe (the negative attitudes towards Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX)’s acquisition of Allergan) echoes the assertions from Allergan, Inc. (NYSE:AGN) that physicians, including ophthalmologists, are approaching the company to express concerns about the consequences of Valeant’s attempted hostile acquisition of Allergan and further convince us that if Valeant’s bid went through it would destroy value for Allergan shareholders,” the BMO report stated.

Allergan Valeant

BMO said it believes the perspective of ophthalmologists is particularly important given approximately 46 percent of Allergan’s revenue is from ophthalmology. The survey indicated the majority of ophthalmologists would prefer Allergan remain independent, something that would likely dramatically impact the stock price. The doctors said their trust in and use of products from the combined company would pale in comparison to their relationship with standalone Allergan.

The survey results bolster support for Allergan, Inc. (NYSE:AGN)’s assertions that physicians, including ophthalmologists, are approaching the company to express concerns about the consequences of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX)’s attempted forced relationship. The BMO report said the study further convinces them that “if Valeant’s bid went through it would destroy value for Allergan shareholders.”

Allergan Valeant

The study is being promoted by those close to Allergan, Inc. (NYSE:AGN) and might indicate that the firm is still actively trying to stave off a Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX) acquisition as “the clock is ticking” and “d-day” nears.