Allergan’s board of directors has unanimously determined the revised unsolicited proposal by Pershing Square and Valeant Pharmaceuticals International 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 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 and CEO. “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, 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.”

Pyott said, “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.”