Canadian drugmaker Valeant reportedly rejects takeover bid from Takeda

The Japan Times 

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.