Valeant to Pay USD 96.25m to Resolve Allergan Shareholder Securities Litigation
2 January 2018 - - The parties in the cases of Basile v. Laval, Quebec-based pharmaceutical and medical device company Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) et al. and Timber Hill LLC v. Pershing Square Capital Management, L.P., et al. in the US District Court for the Central District of California have preliminarily agreed to resolve the claims of the litigation for USD 290m, subject to the court's approval, the company said.
Valeant will pay USD 96.25 m, or 33%, of the settlement under the terms of a recently revised Litigation Management Agreement with the other defendants.
Additionally, as part of the agreement, the company and the other defendants admit no wrongdoing.
"We believe this agreement to resolve the legacy litigation is in the best interests of the company, because it enables us to focus our attention and resources on the transformation of Valeant," said Joseph C. Papa, chairman and CEO, Valeant.
Valeant Pharmaceuticals International is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics.