Call it conspicuous consumption.
Serial acquirer Valeant Pharmaceuticals, an anointed stock in the portfolios of some of the largest hedge funds in Manhattan, appears to be on the prowl for a new takeover after closing its $11 billion acquisition of Salix Pharmaceuticals in mid-March. The Michael Pearson-led company has reportedly made an opening bid for Zoetis, a $25 billion market capitalization leader in animal healthcare that was spun from Pfizer in early 2013.
A prospective Valeant and Zoetis tie-up is likely to come as little surprise to those following the consolidating pharmaceutical and healthcare sector, as drug manufacturers look to combine overlapping corporate structures, sales forces, distribution infrastructure and drug pipelines.
