Business / Corporate

Canadian drugmaker Valeant reportedly rejects takeover bid from Takeda

Bloomberg

Valeant Pharmaceuticals International Inc. received a takeover approach this spring from Takeda Pharmaceutical Co. and investment firm TPG, which it rejected, according to the Wall Street Journal.

The specialty drugmaker has been struggling to revive itself after its business model and drug pricing practices came under scrutiny, and it recently brought in a new chief executive officer, Joseph Papa.

The Takeda-TPG approach was made before Papa’s appointment, and there are no talks underway currently, the Wall Street Journal reported late Thursday.

Papa said Monday at the UBS Global Healthcare Conference that Valeant has a “very good pipeline” of new drugs that hasn’t been fully appreciated, and he acknowledged that there are still “speed bumps” to work through in dermatology. The board is giving Papa time to set a new course for the Laval, Quebec-based drugmaker, the Journal said.

Takeda, based in Osaka, is Japan’s largest pharmaceutical company, making medicines across a wide variety of disease areas, including oncology, cardiovascular and respiratory diseases.

TPG, whose main offices are in San Francisco and Fort Worth, Texas, has more than $70 billion under management and has invested in all sectors of health care, including hospitals, biotechnology firms and insurers.

Spokesmen for Valeant and TPG declined to comment. A representative for Takeda didn’t immediately respond to a request for comment.

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