Valeant Pharmaceuticals International Inc. says it plans to focus on small to medium-sized acquisitions from privately owned companies in 2015 following an unsuccessful attempt to take over California-based Allergan. The Quebec-based company told analysts that it believes its blockbuster bid for the maker of Botox would have been successful if a higher bid hadn't emerged from Actavis, which agreed to pay US$66 billion in cash and stock.