Valeant Pharmaceuticals chief executive Joe Papa says the drugmaker, which also owns Waterford’s Bausch + Lomb, has slimmed down enough for now and will focus on generating cash from its remaining businesses as it pays down a mountain of debt.

Allergan is not in active talks to acquire Salix Pharmaceuticals, people with knowledge of the matter said, though the drugmakers have discussed a deal.

Salix Pharmaceuticals has agreed to buy the patents to some drugs for gastrointestinal diseases from Cosmo Pharmaceuticals for about $2.7bn (€1.98bn) in stock in a deal that will allow the US company to move to Ireland and lower its tax bill.

BANK of Ireland is moving headquarters to its premises in Mespil Road, a short distance from its iconic HQ in Dublin’s Baggot Street.