Allergan Issues Comment on Valeant Letter

Allergan, Inc. AGN (“Allergan” or the “Company”) today issued the following statement in response to Valeant Pharmaceuticals International, Inc.'s VRX October 27, 2014 letter to the Allergan Board of Directors. Delivering value to Allergan's stockholders remains the Board's highest priority. If Valeant were to make an increased offer, the Board would carefully consider it and respond in due course. However, to date, as we have noted repeatedly, Valeant's offers have been grossly inadequate and significantly undervalued Allergan. We believe Valeant's letter today is simply a tactic to distract investors from Allergan's outstanding third quarter results. Valeant's letter does not indicate an increased exchange offer price nor does it disclose the mix of consideration -- instead, Valeant goes to great lengths to defend its own stock price and to disparage Allergan, including making what we believe to be disparaging remarks about Allergan and its stock price. The Allergan Board has taken a number of actions over the past six months that have delivered tangible value to our stockholders and will continue to do so in the future. Wall Street analysts have recognized these actions and significantly raised the floor for a standalone Allergan. Allergan believes that any assertion that Allergan's stock would be trading near its first quarter trading price absent the Valeant offer is not substantiated by fact. We also note that a number of long Allergan stockholders that have decreased their Allergan positions have told Allergan that they did so as they do not want to own Valeant stock. With the release of our third quarter results, Allergan continues to accelerate the delivery of value to its stockholders. Goldman, Sachs & Co. and BofA Merrill Lynch are serving as financial advisors to the Company and Latham & Watkins, Richards, Layton & Finger, P.A. and Wachtell, Lipton, Rosen & Katz are serving as legal counsel to the Company.