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Monday, September 22, 2014

U.S. court orders Allergan to produce board documents, (NYSE: AGN), (NYSE: VRX), (TSE: VRX.TO)

A U.S. court ordered drugmaker Allergan Inc to produce board documents related to its strategy to counter a hostile bid by William Ackman's Pershing Square Capital Management and Canada's Valeant Pharmaceuticals International Inc.The federal court, in central California, denied Allergan's request for a protective order regarding the documents and ordered the company to produce "unredacted copies of the documents.""We respectfully disagree with the court's decision and are reviewing our options," an Allergan spokesman said in an emailed statement to Reuters.Since Valeant and Pershing Square offered to purchase Allergan on April 22, Allergan has consistently rejected their offer, saying it undervalues the company.

Allergan, Inc. is a multi-specialty health care Company focused on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products. Shares of AGN fell by 1.24% or $-2.09/share to $166.12. In the past year, the shares have traded as low as $88.34 and as high as $174.49. On average, 1928600 shares of AGN exchange hands on a given day and today's volume is recorded at 1133657.

Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX fell by 0.98% or $-1.15/share to $116.28. In the past year, the shares have traded as low as $102.30 and as high as $153.10. On average, 2466090 shares of VRX exchange hands on a given day and today's volume is recorded at 2054508.

Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX fell by 2.32% or $-3.05/share to $128.32. In the past year, the shares have traded as low as $105.46 and as high as $170.45. On average, 393119 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 399724.



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