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UPDATE: Allergan Confirms Receipt of Unsolicited Proposal from Valeant, Will Review Offer

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Allergan, Inc. (NYSE: AGN) (“Allergan” or the “Company”) today confirmed that it has received an unsolicited proposal from Valeant Pharmaceuticals International, Inc. (“Valeant”) to acquire all of the outstanding shares of the Company for a combination of 0.83 of Valeant common shares and $48.30 in cash per share of common stock of the Company (the “Proposal”).

The Allergan Board of Directors, in consultation with its financial and legal advisors, will carefully review and consider the Proposal and pursue the course of action that it believes is in the best interests of the Company's stockholders. The Company's stockholders do not need to take any action at this time.

Goldman, Sachs & Co. and BofA Merrill Lynch are serving as financial advisors to the Company and Latham & Watkins is serving as legal counsel to the Company.

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