Sard Verbinnen & Co and Rubenstein Assocs. handle the ground-breaking $46B hostile takeover of Allergan, which is noted for Botox.

The bid by activist investor Bill Ackmann and serial acquirer Valeant Pharmaceuticals of Canada earned the lead in today?s Wall Street Journal, which reported the bid as an ?unorthodox alliance.?

The paper noted that investors such as Ackman typically don?t seek a partner prior to a move on a company.

The ?strange bedfellows? represent ?an unusual crack in the typically sturdy wall between activists and companies,? according to the paper.

Valeant registered $5.8B in 2013 revenues. It competes with Allergan ($6.3B in sales)in the global eye care and cosmetic-treatment markets.

The owner of Bausch & Lomb already has a 10 percent in its target. Valeant believes a successful takeover would generate $2.5B in cost savings.

Allergan, which has rebuffed Valeant in the past, is reviewing the unsolicited proposal. Joele Frank, Wilkinson Brimmer Katcher is handling its media.

SV&C?s Renee Soto and Meghan Gavigan work Valeant?s PR, while Rubenstein?s Carolyn Sargent represents Ackman?s Pershing Square Capital Management investment vehicle.

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