Major M&A this morningCanadian drug company Valeant Pharmaceutical International Inc. (TSX: T.VRX, Stock Forum) has teamed with Bill Ackman's Pershing Square Capital Management in a cash and stock bid worth around $40 billion for Botox maker Allergan Inc. (NYSE: AGN, Stock Forum). Under the buyout offer Allergan shareholders would receive $48.30 in cash and 0.83 Valeant share for each share of Allergan. Valeant said it expected the cash portion of the deal to be at least US$15 billion. In a separate filing, Pershing Square said it owns a 9.7 per cent stake in Allergan worth $4.1 billion. Valeant shares gained $6.35 to $145.11. Swiss pharmaceutical giant Novartis AG is buying GlaxoSmithKline plc's cancer-drug business for US$14.5 billion, plus up to US$1.5 billion more if certain milestones are met, and to divest most of its vaccines business to GSK for US$7.1 billion, plus royalties. Separately, Novartis said it will sell off its animal health division to U.S.-based Eli Lilly & Co. for about US$5.4 billion. Novartis shares gained $1.27 to US$86.73 Read more at https://www.stockhouse.com/news/market-updates/2014/04/22/stocks-up-early-trading-amid-major-pharmaceutical-deal-making-solid-cp-t-cp#A6twygTQR8E7Kfhv.99