Allergan Said to Explore Sale to Sanofi, J&J

Allergan Inc. has contacted companies including Sanofi and Johnson & Johnson to see if either would be interested in acquiring the Botox maker, said people with knowledge of the matter, as it explores its options after receiving an unsolicited $45.7 billion bid from Valeant Pharmaceuticals International Inc.

Allergan is holding early-stage discussions with both companies while it decides whether to seek an alternative to Valeant’s offer, said the people, who asked not to be identified because the matter is private. It isn’t clear if either company is interested though Sanofi and Johnson & Johnson are both considering their options, the people said.