Finance and Valeant Pharmaceuticals Indeed, based on Valeant's ultra-low effective tax rate and the $2.7 billion in cost savings it proposed to extract from the acquisition, Reuters BreakingViews calculated that the premium Valeant was offering Allergan shareholders initially was less than half of BreakingViews ' $25 billion estimate of the value of the cost savings alone. As of today's close, Allergan's stock is trading at a 5% discount to Valeant's new offer, even excluding the contingent value rights, which is very tricky to value; indeed, the final details of the rights remain to be negotiated.