David Pyott

Actavis rumoured to be going head-to-head with rival Valeant for botox and eyecare group

Pharmaceutical firm’s offer values the Botox maker at $53bn

Canadian-based company said Allergan’s refusal to enter talks left it with no option but to go hostile

Scale of cuts savage despite a certain expectation of bad news

Disappointed Valeant expected to raise cash and stock offer to drive through merger of companies with significant overlap of shareholders

Pitching by bankers on tax inversion targets has reached fever pitch