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Allergan fights back: Botox maker reportedly pursuing Salix; stocks up

Allergan fights back: Botox maker reportedly pursuing Salix; stocks up

Botox maker Allergan Inc. of Irvine is reportedly interested in acquiring a North Carolina drugmaker, part of its effort to fight off a takeover attempt by a Canadian rival.

The stock market responded, driving Allergan shares up 4%.

Allergan's Tuesday gain followed a report in the Wall Street Journal that it has had discussions about buying Salix Pharmaceuticals Ltd. and at least one other company. Salix's stock gained 16% on the news.

Representatives of Allergan and Salix declined comment.

Allergan is fighting a takeover attempt from Valeant Pharmaceuticals International Inc. and its partner, hedge-fund manager Bill Ackman. Valeant has offered $53 billion in...

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