Bill Ackman Is Into Pharmaceuticals (Companies)

Bill Ackman Is Into Pharmaceuticals (Companies)

CNBC’s Kate Kelly has the details on Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX)’s bid for Allergan, Inc. (NYSE:AGN), and why Bill Ackman is attracted to pharmaceuticals now.

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Bill Ackman’s big bet on pharma

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we’re well into hour number two of this investor presentation when we heard from both. big ackman taking the stage for the second time since i’ve been here just as i walked out. he’ll be taking q&a in just a few minutes. a quick reminder on what this deal entails. it’s essentially a proposes cash and stock transaction in which every share of allergan would be received for cash as well as a large majority of a valeant shares, a lot of talk from michael pearson today who’s been successful in dlirg shareholder returns about the durability of his assets, the products, the fact there’s less of a patent cliff that this there is for many other similar companies. the emphasis on sales as opposed to more traditional areas like r & d. then we heard from big ackman. he made interesting points about why he stayed away from pharmaceuticals in the past, but why this deal was attractive to him. let’s take a quick listen. in pharmaceuticals before. why is that? because the typical pharmaceutical business, you have products constantly coming off patent, investing huge amounts of money on speculative r&d. price pressure, but then i learned about valeant. what we like is it fits our paradigm. a business with durable products and brands. the persistent cash flow we look for. reporter: so a lot of attractive points for bill ackman. he’s betting very big on this. 30% tied up in the combination of his investment in valeant, allergan.

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