As it continues to pursue a deal for Allergan Inc., Valeant Pharmaceuticals International said Wednesday that it has agreed to sell the licensing rights to several skin care products to Swiss food giant Nestlé for $1.4 billion.
The move came within hours of Valeant increasing its unsolicited bid for Allergan to more than $49 billion from the $45 billion it initially offered. Under the sweetened offer’s terms, the cash portion of Valeant’s offer would rise from $48.30 per share to $58.30, and the company would exchange 0.83 of each of its shares for each Allergan share.
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