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Valeant rejected joint takeover bid from Takeda, TPG in spring: source

Valeant Pharmaceuticals International Inc received a joint takeover offer from Japan's Takeda Pharmaceutical Co Ltd and TPG Capital Management LP [TPG.UL] this spring that the Canadian drugmaker rejected, according to a source familiar with the matter. The offer was made a few weeks before Joseph Papa took over as Valeant's new chief executive in April last week, the source told Reuters. Takeda and private equity firm TPG were ready to offer a substantial premium to Valeant, whose stock had fallen about 65 percent this year up to the close of trade on April 22 as the drugmaker was not just seeking a new head but was also hit by an accounting scandal, the source added.

Exclusive: Abbott tangles with regulators over Indian cough syrup complaint

By Aditya Kalra and Paritosh Bansal NEW DELHI (Reuters) – Drugmaker Abbott Healthcare is challenging an Indian state’s accusation that a sample of the company’s cough syrup contained excessive levels of codeine, the second multinational to question India’s regulatory testing regime in recent months. Whether the sample of Abbott’s popular “Phensedyl” was a genuine product or a fake has not been established, but the suspect batch of 80,000 bottles has not been recalled. The state laboratory in West Bengal first raised the alarm last November.