Valeant, Ackman's Pershing Square Issue Response to 'Frivolous Allergan Lawsuit'

ValeantPharmaceuticals International, Inc. (NYSE: VRX) and Pershing SquareCapital Management, L.P. today responded to the filing of a federal lawsuit byAllergan, Inc. (NYSE: AGN) in California.  The complaint makes baseless claimsabout Valeant and Pershing Square regarding the tender offer rules. Allergan's true purpose in bringing the litigation is an attempt to interferewith shareholders' efforts to call a special meeting.  That purpose is madeclear in a separate letter Allergan sent today to the Delaware Court ofChancery.  In that letter, Allergan noted that its bylaws "provide that theCorporate Secretary 'shall consider ineffective' any Special Meeting Requeststhat are 'made in a manner that involved a violation of Regulation 14A underthe Exchange Act, or other applicable law.'"Pershing Square is targeting the middle of August for delivering shareholderrequests to call a special meeting.  Pershing Square and Valeant are confidentthat this desperate attempt to delay or avoid the special meeting will notsucceed.  The independent proxy advisory firms are expected to issue theirrecommendations on this matter in the near future, and this lawsuit also seeksto distract from those forthcoming recommendations.Bill Ackman, CEO of Pershing Square, stated:  "This is a shameless attempt byAllergan to delay the shareholders' fundamental right to call a specialmeeting and vote their shares.  Allergan is threatened by our progress towardcalling the special meeting. This scorched-earth approach is further evidenceof the board's and management's further entrenchment."Mr. Ackman continued, "Allergan's determination to waste money on a baselesslawsuit against its largest shareholder further demonstrates why this board ofdirectors should be removed."J. Michael Pearson, chairman and chief executive officer of Valeant, added: "We are disappointed that Allergan continues to stand in the way of itsshareholders right to voice their views on a transaction with Valeant. DespiteAllergan's attempted roadblocks, we remain committed to pursuing thiscompelling combination, which will create an unrivaled platform for growth andvalue creation."  We encourage all interested parties to review Allergan's letter to theDelaware Court of Chancery and its lawsuit against Valeant and PershingSquare, which will be available shortly on www.advancingallergan.com.