The company says Valeant would cut back on research.

Reports say that Botox-maker Allergan this week will reject the $46 billion take-over offer from rival Valeant Pharmaceuticals, which recently acquired Bausch & Lomb, setting the stage for what the Financial Times calls “a hostile takeover battle at the top of the US drugmaking industry.” Allergan is expected to raise concerns that Valeant would cut research and development as a reason for refusing the offer. The acquisition would create the pre-eminent global powerhouse in the eyecare industry.

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