1. Investors are Angry with Botox-Maker Allergan — and They're Trying to Get an Activist Involved to Shake It Up

    Investors are Angry with Botox-Maker Allergan — and They're Trying to Get an Activist Involved to Shake It Up
    • Some of Allergan's top shareholders have approached potential activist investors to gauge their interest in pushing for change at the Botox-maker, according to people familiar with the matter.
    • Allergan's shares are down 33% in the last year, compared to a 7% rise for the Nasdaq Biotech Index.
    • Allergan is set to report earnings on April 30...
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    1. Core long-term holders are pretty frustrated with the way the stock's performed, the way the company's performed, the way they've done sort of these unusual things over the last year or so.
    2. With a number of competitive overhangs on Allergan's Botox business, we think selling the entire company outright could prove to be more time consuming and challenging. However, selling the division could be a productive first step.
    3. We think the more logical path to that value creation is asset sales and not large scale M&A.
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