Allergan Inc. ended its court battle with Valeant Pharmaceuticals International Inc. and Bill Ackman’s Pershing Square Capital Management LP over an attempted takeover of the maker of the facial wrinkle-fighter Botox.
The combatants on Thursday filed papers in Santa Ana, California, federal court in which Allergan dropped its lawsuit against Valeant and Pershing and they reciprocated by surrendering their claims.
Valeant, seeking to become one of the world’s biggest drug companies, formed a joint venture with Pershing Square a year ago to acquire a 9.7 percent stake in Allergan before going public with its plans to acquire the whole company.
Allergan sued to fend off its unwanted suitors in August, accusing Ackman and the New York-based Pershing of engaging in an “illicit insider trading scheme.”
Allergan, based in Irvine, California, was acquired by Dublin-based Actavis Plc. last month in a transaction the Irish company said was worth $70.5 billion.
The case is Allergan Inc. v. Valeant Pharmaceuticals International Inc., 14-cv-01214, U.S. District Court, Central District of California (Santa Ana).