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Bob Herman Apr 19
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Allergan bows out of Shire bidding

Outside an Allergan building.
Allergan's stock dropped 4% Thursday. Photo: Jean-Pierre Clatot / AFP via Getty Images

Allergan "does not intend to make an offer for Shire," the pharmaceutical giant said Thursday.

Driving the news: That's a quick reversal from earlier today, when Reuters reported Allergan was battling Takeda Pharmaceutical to take over Shire.