Feb 13 (Reuters) - Valeant Pharmaceuticals International Inc (NYSE:VRX) VRX.TO
* Says co, j. Michael pearson and pershing square capital management and william ackman entered into a litigation management agreement
* Valeant - pursuant to litigation management agreement, valeant parties and pershing square parties agreed to certain provisions with respect to management of a litigation
* Valeant - litigation relates to the putative class action pending in the united states district court for the central district of california
* Valeant - agreement will terminate on nov 1, 2017 if stipulation of settlement with regards to california action has not been executed by that date
* Valeant - litigation agreement to terminate on nov 1, 2017 if stipulation of settlement related to california action has not been executed by that date
* Valeant - in addition to agreements set out with respect to allergan litigation, litigation management agreement includes undertaking by pershing square parties
* Valeant- first $10 million in legal fees, litigation expenses after date of litigation management deal for allergan litigation to be paid 50% by valeant, 50% by pershing square
* Valeant - undertaking by pershing square parties to forbear from commencing action that arise out of, or relate to, claims alleged or facts asserted in allergan litigation
* Valeant - pershing square capital management is the investment advisor to funds that beneficially owned 7.8% of common stock as of feb. 13, 2017
* Valeant - in connection with entrance into litigation management agreement, valeant parties and pershing square parties entered into mutual release of claims Source text Further company coverage: VRX.TO