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"I don't want them to get Allergan, " said Jim Cramer. Plain and simple.
Speaking about the recently announced hostile takeover attempt leveraged by pharma giant Valeant in conjunction with billionaire investor Bill Ackman, Cramer said this is a rare case where he's hoping a merger doesn't work out.
"Don't get me wrong. I'm very much in favor of mergers. They make shareholders a lot of money," Cramer said.
This deal would be no exception to that rule.
, Valeant would pay $48.30 a share in cash and 0.83 of one of its shares for each Allergan share. At Monday's closing price, the offer is worth about $152.89 a share, 31 percent above what they called Allergan's unaffected stock price of $116.63.
But when the dust settles, Cramer fears that , and should that happen, he thinks many more people lose than win.
"David Pyott, the mild-mannered but brilliant Allergan CEO, and his team have put together a pharmaceutical powerhouse, even though it is frequently just labeled the Botox company, as if it is some sort of cosmetic concern," Cramer said.
"In truth, Allegan has built amazing franchises in eyecare, migraine headaches, incontinence and even sweat glands. It has developed these incredible drugs by spending a huge amount of its revenues, up to 16%, on research, far more than all of the old line pharmas and much more like a biotech."
Cramer believes if the deal goes through, the structure in place that's generated such significant advances will be dismantled.
"It would make good business sense," Cramer said. "And with an Ackman-Valeant team, I have to believe that's precisely what happens.
"I can immediately see them firing large portions of the salesforce. And, I can see Valeant slashing the R&D budget."
Although Cramer says it makes good business sense, he said it would also be a shame.
Taking that scenario a step further, it's even possible that advances which might have happened under an independent Allergan, may not happen because of the merger.
That would be the ultimate shame.
"Now, ordinarily, I love mergers and acquisitions. Takeovers are a very positive sign, and I constantly wish we had more of them. "But, I hope this company isn't dismantled. I hope Valeant doesn't get Allergan," Cramer said.
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In the interest of full disclosure, it should be noted in a New York Times article both Valeant and Bill Ackman said the acquisition would generate significant new opportunities.
"This proposal represents an undeniable opportunity to create extraordinary value for both Allergan and Valeant shareholders by establishing an unrivaled platform with leading positions in ophthalmology, dermatology, aesthetics, dental and the emerging markets," J. Michael Pearson, Valeant's chairman and chief executive, said in a statement.
Mr. Ackman added: "The combination of Valeant and Allergan represents the most strategic and value-creating transaction I have ever analyzed. I strongly urge the Allergan board of directors to carefully examine the proposed transaction and enter into negotiations with Valeant so that a merger can be consummated promptly."
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