IRVINE, Calif.— Allergan, Inc. (NYSE: AGN) announced that it has reached an agreement with Pershing Square Capital Management, L.P. and Valeant Pharmaceuticals (NYSE: VRX) under which Allergan will hold the Special Meeting of Stockholders on the originally scheduled date of Dec.18, 2014, without restriction, and Pershing Square and Valeant will dismiss their pending litigation before the Delaware Court of Chancery. In connection, Allergan has established an Oct. 30, 2014 record date for stockholders entitled to vote at the Special Meeting.

Given the Special Meeting will be held on the same date Allergan already announced, this eliminates the distraction and cost of unnecessary litigation over the Company's bylaws and underscores the Allergan board of directors' long-standing commitment to providing stockholders with a forum to express their opinion on the value proposition offered by Valeant, the announcement said.

The United States District Court for the Central District of California has set Oct. 28, 2014 as the hearing date for Allergan's motion for a preliminary injunction against Valeant and Pershing Square for violations of the federal securities laws, including insider trading. Allergan said it continues to believe that stockholders should have the opportunity to make decisions regarding their investment in the company based on compliant, full and fair disclosures, and to ensure that any stockholders voting on corporate matters acquired their shares in accordance with the law. If Allergan's motion is granted, the injunction would prevent Valeant, Pershing Square, and William A. Ackman from voting their shares at any meeting of stockholders.  

Allergan said, “We continue to believe that Valeant's unsolicited exchange offer is grossly inadequate, and the Board is confident in the company's ability to create significantly more value than Valeant's offer. In this regard, the company recently recorded the strongest increase in absolute dollar sales in any quarter in the Company's history, and again delivered sales and earnings per share growth above the high end of expectations.”  

Allergan's value creation plan for its stockholders will significantly reduce costs in 2015 by approximately $475 million annually relative to its prior strategic plan, while preserving the company's ability to deliver double digit sales growth across the next five years. Over the same five year period, Allergan expects to generate compounded annual adjusted EPS growth of more than 20 percent, including estimated 2016 EPS at approximately $10.00.  

Allergan strongly recommends that stockholders reject Valeant's exchange offer and prevent Valeant from taking control of Allergan at a price that does not appropriately reflect the underlying value of Allergan's assets, operations and prospects, including its industry-leading position and projected growth opportunities.