Reports: Valeant, Actavis deal put on hold

NEW YORK — A proposal by Canadian drug maker Valeant Pharmaceuticals International to purchase generic drug maker Actavis has fallen through, according to published reports.

According to reports, Valeant was planning to pay more than $13 billion in stock to acquire Actavis, but the deal was put on hold because the companies could not agree to terms of the deal. The deal would create a company worth about $35 billion.

Actavis became the world's third-largest maker of generic drugs last year when U.S.-based Watson Pharmaceuticals acquired Switzerland-based Actavis. The company announced in January that it would change its name to Actavis.