Valeant Pharma Issues Statement On Allergan Announcement - Quick Facts

(RTTNews) - Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) commented on the announcement that Allergan Inc. (AGN) and Actavis plc (ACT) have entered into a definitive agreement under which Actavis will acquire all outstanding shares of Allergan stock.

"We have seen the announcement that Allergan and Actavis have made, and while we will review any such agreement in determining our course of action, Valeant cannot justify to its own shareholders paying a price of $219 or more per share for Allergan," said Michael Pearson, Chairman and CEO of Valeant.

Valeant said that its business is performing extremely well as evidenced by its third quarter results, its expected strong fourth quarter, and its robust outlook for 2015, and it is confident in its continued ability to generate exceptional shareholder value.

"We will remain focused on delivering strong organic results and evaluating acquisition opportunities as we always have: prudently, in a disciplined manner, and in the best interests of our shareholders," said Michael Pearson.

Earlier today Actavis said that it agreed to acquire Allergan for a combination of $129.22 in cash and 0.3683 Actavis shares for each share of Allergan common stock. Based on the closing price of Actavis shares on November 14, 2014, the transaction is valued at approximately $66 billion, or $219 per Allergan share.