Allergan and Valeant Pharmaceuticals Receive FTC Second Request Under Hart-Scott-Rodino Act

By

IRVINE, Calif. And Quebec— Allergan, Inc. (NYSE: AGN) and Valeant Pharmaceuticals (NYSE:VRX)  have both received a request for additional information (a "Second Request") under the Hart-Scott-Rodino Act from the U.S. Federal Trade Commission in connection with Valeant’s unsolicited acquisition proposal of Allergan.
 
Allergan said it intends to respond fully in connection with the ongoing investigation. The company noted that Second Request investigations typically take some time to conclude, and Allergan “cannot predict how long this investigation will take or how it might otherwise develop.”
 
Valeant is cooperating fully with the FTC's review and will take all actions necessary to obtain regulatory approval for the proposed transaction on a timely basis, according to an announcement from the company. The effect of the Second Request is to extend the waiting period imposed by the HSR Act until 30 days after Valeant has substantially complied with the request, unless that period is terminated sooner by the FTC, Valeant said.
 
Previously, Allergan announced that “its board of directors unanimously determined that Valeant's unsolicited exchange offer is grossly inadequate, substantially undervalues the company, creates significant risks and uncertainties for Allergan stockholders, and is not in the best interests of the company and its stockholders.”