NEW YORK—On Nov. 20, Valeant Pharmaceuticals International Inc. cut its stake in Allergan Inc. to 0.1 percent, according to a filing with the Securities and Exchange Commission (SEC). At that time, Pershing Square Capital Management informed Valeant that “PS Fund 1 sold all of the 2,242,560 shares of Common Stock allocated to Valeant USA,” according to the regulatory filing.

Pershing Square, run by billionaire William Ackman, had been working with Canadian drugmaker Valeant to buy Allergan. On Nov. 17, as reported by VMail, Actavis agreed to acquire Allergan for approximately $66 billion, or $219 per Allergan share. The combination will create one of the top 10 global pharmaceutical companies by sales revenue, with combined annual pro forma revenues of more than $23 billion anticipated in 2015.

On Nov.18, 2014, Pershing Square filed a Form RW with the SEC withdrawing its previously filed Definitive Proxy Statement and suspended all solicitation efforts with respect to the Dec. 18 special meeting of Allergan shareholders. On Nov. 19, 2014, Valeant withdrew its exchange offer to acquire all of the outstanding shares of the Issuer’s Common Stock and requested the withdrawal of its Registration Statement on Form S-4 filed with the SEC on June 18, 2014. According to the filing, “Valeant is no longer seeking a merger or other business combination with the Issuer.”