The Globe and Mail reports in its Monday edition that for the past five years, Michael Pearson and Paul Bisaro have each been on a mission to build their respective upstart pharmaceutical firms into global leaders. The Globe's Sean Silcoff writes that now their two acquisitive, debt-laden firms -- Montreal-based Valeant Pharmaceuticals International and Actavis Inc. of New Jersey -- are reportedly at an impasse in talks to combine their two companies. The deal would create a global giant in the generic and specialty pharmaceutical business, with combined revenues of more than $12.5-billion. The Wall Street Journal on Saturday cited informed sources as saying talks had broken down over a deal that would see Valeant, with a market value of more than $22-billion, acquire Actavis for more than $13-billion in an all-stock merger. Mr. Pearson joined as chief executive officer in 2008 and has more than tripled the company's debt, to $11-billion. Actavis has vastly outpaced both the S&P 500 and the Dow Jones U.S. Pharmaceuticals Index over the past five years. Like Mr. Pearson, Mr. Bisaro has transformed Actavis since taking over as CEO of the company from co-founder Allen Chao in 2007.