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Allergan Board Unanimously Rejects Revised Unsolicited Proposal From Valeant

Allergan, Inc. (NYSE: AGN) (“Allergan” or the “Company”) today announced that its Board of Directors, after consulting with its independent financial and legal advisors, has unanimously determined that the revised unsolicited proposal (the “Revised Proposal”) dated May 30, 2014 by Pershing Square Capital Management, L.P. (“Pershing Square”) and Valeant Pharmaceuticals International, Inc. (“Valeant”) substantially undervalues the Company, creates significant risks and uncertainties for the stockholders of Allergan, and is not in the best interests of the Company and its stockholders.

“Valeant’s revised proposal substantially undervalues Allergan, creates significant risks and uncertainties for Allergan’s stockholders and does not reflect the Company’s financial strength, future revenue and earnings growth or industry-leading R&D,” said David E.I. Pyott, Allergan's Chairman of the Board and Chief Executive Officer. “Allergan has a track record of generating consistently robust results and value for its stockholders, and we continue to have strong momentum in our business. The investment community has recognized the revised long-term growth outlook Allergan provided on May 12, 2014 and appropriately raised valuations for a standalone Allergan. We do not believe Valeant’s proposal reflects Allergan’s growth prospects, nor does it offer sufficient or certain value to warrant discussions between Allergan and Valeant.”

“The Board is confident that the Company will create significantly more value for stockholders than Valeant’s proposal. We look forward to updating stockholders on or around the time of our second quarter earnings announcement.”

Allergan has filed an updated investor presentation with the Securities and Exchange Commission (“SEC”) and posted the presentation under the “Investors” section of the Company’s website with additional detail on the considerations behind the Allergan Board’s rejection.

The following is the text of the letter that was sent on June 10, 2014, to Valeant’s Chairman and CEO, Michael Pearson:

June 10, 2014Mr. Michael PearsonChairman & Chief Executive OfficerValeant Pharmaceuticals International, Inc.

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