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If Akorn can be bought out, can Valeant?

April 7, 2017

At 1:00 p.m., Valeant Pharmaceuticals International (VRX) was trading at $9.53. 20 Minutes later it had jumped 2.7% to $9.79. What gives?

Credit Akorn (AKRX), which has jumped 13% after Bloomberg reported that Fresenius SE had made a bid for the specialty pharmaceutical company. We can only assume that investors are assuming that if someone is willing to buy Akorn, maybe someone else will be willing to buy Valeant or at least a piece of it.

Here’s a chart of Valeant’s move today:

FactSet

Of course, Valeant is already giving back some of its gains: Its shares have risen 0.9% to $9.71 at 1:33 p.m. today.

http://on.barrons.com/2nM8MS9

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