Valeant puts dealmaking on hold to focus on the bottom line by Laura Lorenzetti @FortuneMagazine December 9, 2014, 8:12 AM EST E-mail Tweet Facebook Google Plus Linkedin Share icons Valeant Pharmaceuticals is putting its acquisition growth strategy on hold in favor of reducing debt and boosting its stock price, according to Reuters. Since 2008, Valeant has spent about $19 billion on 40 acquisitions. Now, the company will stem those purchases over the next two to three quarters to strengthen its financial fundamentals, sources told Reuters. Valeant, in partnership with activist investor Bill Ackman, made a hostile bid to purchase Botox-maker Allergan AGN . The offer failed last month, and now the Canada-based drugmaker is regrouping under a new strategic vision. As Allergan fought off the company’s advances, it voiced concerns that Valeant’s underlying financial situation was not strong: It masked growth through its ongoing acquisitions, Allergan claimed. The California drugmaker eventually agreed to a $66 billion buyout by Actavis ACT , successfully deflecting Valeant’s hostile offer. Valeant VRX has more than $16.3 billion in debt as of the end of September and has a junk rating, according to Moody’s. The drugmaker is hoping to improve its credit rating in order to better afford future purchases, sources told Reuters. The regroup is a change from the norm–Valeant has aggressively pursued other drugmakers as a way to drive fast growth, and, for the most part, it’s worked. Valeant’s market valuation has grown to more than $48 billion today from about $1 billion in 2008. CEO Mike Pearson has pushed for Valeant to become one of the world’s top five pharmaceutical companies by the end of 2016. As it hunkers down, Valeant is rewarding shareholders with up to $2 billion in buybacks of senior notes, shares and other securities, the drugmaker announced last month.