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Tuesday, October 21, 2014

Allergan says it stands by statements on Valeant, (NYSE: AGN)

Allergan Inc said on Tuesday it saw no evidence to support claims by hostile suitors Valeant Pharmaceuticals and hedge fund Pershing Square Capital Management that its chief executive officer had spearheaded a campaign to spread misinformation."Allergan stands by its statements regarding the unsustainability of Valeant's business, and we welcome the opportunity for a full hearing on Valeant's business model at the appropriate time," the company said in a statement.Pershing Square, run by billionaire William Ackman, has been working with Valeant for months to craft a deal for the Canadian drugmaker to purchase Allergan, which has rejected the overtures and tried to find other potential partners to avoid a deal.Allergan has also sued Valeant and Pershing Square, saying they broke insider trading rules. It said court papers that Valeant and Pershing Square filed in federal court in Santa Ana, California, late on Monday "try to distract shareholders from the serious insider trading allegations Allergan has raised."

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 traded higher by 3.5% or $6.28/share to $185.53. In the past year, the shares have traded as low as $88.34 and as high as $192.98. On average, 2317830 shares of AGN exchange hands on a given day and today's volume is recorded at 944978.