Deals and IPOs

Valeant says plans to 'improve' offer for Allergan

Valeant Pharmaceuticals sign at the company's headquarters in Mississauga, Ontario.
Norm Betts | Bloomberg | Getty Images

Valeant Pharmaceuticals International said it planned to "improve" its $47 billion (27.9 billion pounds) takeover offer for drugmaker Allergan, a day after the U.S. company rejected the bid.

Read More Allergan rejects Valeant Pharma's 'cut and slash' takeover

Canada's Valeant said it remained committed to getting the deal done but would remain "financially disciplined."

Allergan, which makes the popular anti-wrinkle treatment Botox, said on Monday that Valeant's business model was unsustainable and the offer was too risky because of uncertainty about the company's long-term growth.

"Valeant's model of cutting and slashing really doesn't work for more than a very short period of time," Allergan Chief Executive Officer David Pyott during a conference call with investors.

By Reuters