Valeant Pharmaceuticals International Inc received a takeover approach this spring from Takeda Pharmaceutical Co and investment firm TPG, which it rejected, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
Specialty drugmaker Valeant has been struggling to revive itself after its business model and drug pricing practices came under scrutiny, and it recently brought in a new CEO, Joseph Papa. The Takeda-TPG approach — which did not include a firm price — was made before Papa’s appointment, and there are no talks under way currently, the Journal reported.
Papa on Monday said at the UBS Global Healthcare Conference that Valeant has a “very good pipeline” of new drugs that has not been fully appreciated.
The board is giving Papa time to set a new course for the Laval, Quebec-based drugmaker, the Journal said.
Representatives for three firms declined to comment.
Valeant bought Salix Pharmaceuticals Ltd last year, gaining access to a portfolio of gastrointestinal treatments, a disease area Takeda is focusing on.
Osaka-based Takeda is Japan’s largest pharmaceutical company, and CEO Christophe Weber has repeatedly stated his ambitions to make the company a global leader in oncology and gastrointestinal treatments and to gain control of new drugs the company can develop to sell worldwide.
The Japanese drugmaker spent more than US$21 billion on its two biggest acquisitions, purchasing Millennium Pharmaceuticals Inc to expand in cancer therapies in 2008 and Zurich-based Nycomed in 2011 to grow in emerging markets.
A deal with Valeant would have given Takeda access to Xifaxan, a potential blockbuster drug for irritable bowel syndrome.
TPG, whose main offices are in San Francisco and Fort Worth, Texas, has more than US$70 billion under management and has invested in all sectors of healthcare, including hospitals, biotechnology firms and insurers.
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