Valeant, Pershing Square to Split Legal Costs on Allergan Lawsuit
Valeant and Bill Ackman's Pershing Square Ltd. have entered into an agreement to split the costs of a long-fought battle with Allergan shareholders over a lawsuit announced in 2015.
The two parties will split litigation fees 50-50 up to $10 million, according to a filing with the Securities and Exchange Commission. This agreement is terminated on Nov. 1, 2017, if a settlement with Allergan has not been reached before then. Under the terms of the lawsuit settlement, Valeant will pay 60% of the costs of any future settlement with Allergan, while Pershing Square is responsible for the rest.
The two parties will split litigation fees 50-50 up to $10 million, according to a filing with the Securities and Exchange Commission. This agreement is terminated on Nov. 1, 2017, if a settlement with Allergan has not been reached before then. Under the terms of the lawsuit settlement, Valeant will pay 60% of the costs of any future settlement with Allergan, while Pershing Square is responsible for the rest.