Valeant strikes deal to reduce its portion of Allergan settlement to $96.25M


LAVAL, Que. - Valeant Pharmaceuticals International, Inc. says it has agreed to pay US$96.25 million to settle lawsuits filed in California in the wake of the unsuccessful attempted hostile takeover in 2014 of Botox maker Allergan Inc. The company says in a news release the rest of the agreed settlement of US$290 million, about 67 per cent, will be covered by co-defendant Pershing Square Capital Management, L.P. Pershing Square, an American hedge fund, says in a separate release that Laval, Que.-based Valeant had originally agreed to pay 60 per cent of the settlement but the two disagreed on "desirability and timing" of the move and the U.S. investment company will pay more to take control.



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