Are we getting sold to Valeant?

Here we go people!!!

 

Say goodbye to all of your jobs. Pearson will cut all sales, marketing and R&D people. Review Valeant, Biovail and about 20 other company boards that MP has taken over in the last 3 years.

 

did you see Ista rejected the offer? Also, our prodicts are not generic so they will need a sales force. Now upper management would be in trouble and home office would be too. I would guess sales reps are the safest if this somehow goes through.

 

I'm not going unless they change their name.

 

They didn't really want the company, just the managers Volvo's. That's why it was such a low ball offer.

 

I like when Vince said "come at me, bro" during the press conference.

 

Why did Valeant take it public... Were they asking to buy or telling?

 

Is Bromfenac Generic?

 

Yes it is but Bromday cannot be substituted for it so it has very little impact. Why do you ask?

 

Not any time soon. It was a brillant move buy Vince. He asked for them to respect the confidentiality of the proposal. Valent got pissed they were rebuffed, and went public with the "hostel takeover" news. So, Vince basically told anyone else interested, "Fine, maybe we will sell, but its going to take a lot more than $6.50 a share to do it!" Valent just bid against themselves. This company, with existing sales and pipeline is easily a $600 mil plus company. Inspire just sold for $450m, and they had a revs of $106M last year, with no pipeline. The offer of $314m is a joke! And I love all the lawfirms "investigating" whether the refusal was "fiduciary responsible"! Hold tight folks, its going to be a wild next couple of months.

 

When they went public with this, they just got a leg up. Do you really think the shareholders will reject an offer like this? They will put the pressure on. That is what a public owned company is. It's not Vince's anymore...

 

your nuts, FYI revenue is heading south and when do you think sales would get to 600m. They wont be more than 170 this year and what products are soon to come to market and have any real impact on earnings. take 7.50 a share and say goodbye. Remember the good old days when he said he would not pick up the phone for at last 20.00 a share . Top brass will make millions at 7.50 a share

 

This company will be sold before the full year 2011 sales results are reported. If not, Ista reports $20 million short of their 2011 goal with nothing new to boost sales as generics chip away in 2012, the stock will plummet. Ista went public with the low ball offer in a move to drive the stock price up. It worked. Now they can go back to Valeant and ask for 3x stock price. I think It'll be done for $12- 14 a share.

 

Valeant is not going to pay 12-14 a share. They might go up but not double their original offer. I also read how Valeant grows through acquisitions and they gut the companies they buy. It would not be good for a lot of our jobs.

 

If we get sold, do you think reps keep their jobs?

 

It might happen, it might not
We shall see... Love the timing by valent
Perfect time to get an emotional response by stock holders
Still think we will get more for the stock

 

About valeant
I work at corporate HQ in Bridgewater, NJ. I started working there this past summer.

This is one of the biggest mistakes of my life. I'd like to run down some of the reasons why you should NOT work at Valeant. Hopefully, this will curb any decent human being from coming to this company and save them some of pain and heartache I have suffered from this company in less than 6 months.

1. CEO - Mike Peason is the smuggest, short-sighted, greedy, tunnel-visionist, CEO that I have ever come across. If there is one compliment I can give him, he sure isn't fake since he doesn't try to hide these aspects of his leadership at all. At least the asshole is consistent.

He refuses to invest in meaningful infrastructure in the company. We MIGHT get a decent ERP system in 2012. But of course, it'll probably be shit, cause he's not willing to put some decent money behind it.

Oh and let me not forget how he spends millions of dollars on a company airplane every year. AND he also bought a brand new company car. Not leased, BOUGHT, a car with the company's money, a new $100k+ BMW. Fiscally responsible, I think not.

2. Senior leadership - I don't know if these assholes were always this way, or if they've been talked down to for so long from Mike, that they subconsciously started talked to their direct reports that way or what. Either way, I have never been talked to so condenscendingly since High School.

3. HR - The new VP, Brian Stolz is an absolute joke and is MP's lap boy. He's yet another McKinsey alum. This is not a start-up company, there needs to be at least a basic yearly performance review and goal setting schedule. There is NOTHING in place. So if management wants to fire you. There is no paper trail for anyone to follow.

4 - Systems - I could write a book about how bad the systems are here. I'm pretty sure before there was TM1, PRMS, QAD, HFM, etc there was Microfiche and an abacus. These financial systems aren't all that bad on their own, but using them all together to get financial data and trying to tie numbers out is an absolute NIGHTMARE.

Everything, and I mean EVERYTHING, takes 10 times longer than you think it would. Everyday, you feel like you are moving in slow motion. You start to wonder, "is it me? Am I really that incompetent?" The short answer is NO. MP acquires companies, cuts fixed costs (people), and invests little or nothing into the infrastructure. So not only are you doing the work of 5 people you've got shitty ass systems to not help you do your job.

5 - Lack of culture, sense of community, etc. - There is no cafeteria, luncheonette, coffee cart, nothing. Granted, they will be opening a caf in the beginning 2012. But does it really take that much effort to at least have a vendor to come by once a day with some damn sandwiches and salads? We don't all have admins that we can call to have them order us some lunch.

Most days, you feel like a worker bee. You sit in your cubicle plugging away, chasing that elusive deadline. The only time to socialize is when you go over to bitch and moan to your co-worker about how bad it is here. It's fucking depressing.

I'm tired of being this unhappy, and being around equally unhappy coworkers. I can't spend 90% of my day in a place that is just sucking the life out of me. I'm not one to just sit and bitch and take it lying down. I'm better than this. And there are a handful of other employees that I've worked with here that are better than this. Needless to say, I am actively looking for another job. I've been around the block a few times, this is not my first rodeo. I can't believe that I've been snookered and took this job not knowing how bad it was going to be. I feel tricked and bamboozled. A company like this shouldn't even be in existence.

I have a pretty good feeling that Valeant won't be around in 5 years. The short sided tunnel vision that MP has is ruining whatever promise that Valeant and/or Biovail ever had. There is no doubt in my mind there are some very questionable accounting practices going on there. Not to mention questionable Human Resource practices.

When there is only 1 Auditor to every 15 lawyers, you know there is a problem.

Feedback and comments are welcome.

 

I would start looking just to be safe. Plus, what could it hurt to look?

 

Wrong. Valeant was the one that went public with it (all of the news outlets that reported it first had the Mississauga, Ontario reference at the beginning of the article. All the other news outlets then reported it after the fact.)

Valeant, not ISTA, went public in hopes of making the shareholders mad. Funny because the only way I, as a shareholder, would be mad is if the board had accepted $6.50. Stock subsequently went to $6.50+ as investors realized Valeant just established the bottom asking price. They even said so themselves in the news release....."we would be willing to pay more if we were able to do some due diligence".....

 

I beleive we will be sold. All Valeant did was open up the bidding proess by going public. Could Merck jump in on the bidding, Alcon, Allergan too? Will the sell price of ISTA be $8.50/share? First half of 2012 ISTA will be sold. Hopefully we are sold to a good company and we get to keep our jobs.