Pyott is considering a potentially sizable acquisition and indicated that Allergan’s estimated $14 billion in future free-cash flow combined with its ability to take out large loans could give him the ammunition needed to cut a deal, reported The Wall Street Journal.

Irvine, Calif.-based Allergan would consider companies located in the U.S. as well as internationally, which could set the stage for a possible tax inversion. Pyott wouldn’t comment on any specific targets or if talks were under way, but said that shareholders are looking for the drug maker to land a deal if the Valeant bid falls apart.

Valeant, in partnership with Ackman’s Pershing Square, has been trying to woo Allergan since late April. After the Botox-maker continually rejected the advances, Ackman tried to call a special meeting to replace six of Allergan’s nine directors and open up an opportunity for the hostile bid to go through.

Pyott rejected the offer as too low and insisted that Allergan is a better value on its own, though he has struggled to convince shareholders. Earnings later this month should show increased revenue and a bolstered long-term outlook, said Pyott. He also promised more cost cuts.

Allergan shares closed at $165.20 on Wednesday, below Valeant’s cash-and-stock offer.