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Allergan On The Acquisition Hunt

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Allergan (NYSE: AGN) is potentially looking at Salix Pharmaceuticals (NASDAQ: SLXP) and at least one additional company about an acquisition, The Wall Street Journal reported, as Allergan looks to fight off a hostile takeover bid from Valeant Pharmaceuticals.

Shares of Salix Pharmaceuticals exploded higher on the news, jumping from $139.50 before the news to briefly over $154 after the story broke. Shares recently traded up 9.62 percent at $152.52.

Related Link: JP Morgan Says Jazz Pharmaceuticals Positioned For 'Organic Growth And Acquisition'

Shares of Jazz Pharamaceuticals (NASDAQ: JAZZ) moved in sympathy on the news, trading higher by three percent.

Posted-In: News Wall Street Journal Movers Media


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