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Sanofi snubs Allergan, Allergan snubs Valeant

allerganAllergan has told Valeant to go packing. The LA Times reports that the Botox maker has told acquisition-minded Valeant that the $46 billion being offered undervalues the company. Allergan also said the deal includes significant shareholder risk.

“We question how long Valeant would achieve the level of cost cuts it is proposing without harming the long-term viability and growth trajectory of our business,” Allergan CEO David Pyott wrote in a letter to Valeant, the Times reported.…