Valeant Hit With Shareholder Suit Over $3B Biovail Deal

Law360, New York (July 19, 2010, 3:45 PM EDT) -- Valeant Pharmaceuticals International Inc. and its directors have been hit with a shareholder class action seeking to block the company's $3.2 billion deal to merge with Biovail Corp.

Plaintiff Donald Porto on Friday filed a proposed class action in the Delaware Chancery Court on behalf of Valeant stockholders, claiming that the company's agreement to merge with Biovail sets an unfair price for the Valeant through an “unfair process.”

On June 21, Canada's Biovail and California-based Valeant unveiled their merger agreement aiming to form a new pharmaceutical...
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