Concurrent Pharmaceuticals Acquires Rights to Allergan Retinoid Portfolio to Accelerate Drug Development Programs -- Concurrent Progresses to Integrated Drug Discovery and Development Company With Preclinical Candidates in Four Major Therapeutic Areas.

Business Editors/High-Tech Writers

IRVINE, Calif. & FORT WASHINGTON, Pa.--(BUSINESS WIRE)--May 26, 2004

Allergan, Inc. (NYSE:AGN) and Concurrent Pharmaceuticals, Inc., a privately held biopharmaceutical company, announced today that Concurrent has agreed to acquire certain rights to Allergan's pre-clinical programs and broad research portfolio in retinoid and rexinoid nuclear receptor compounds. The clinical assets and compounds included in this transaction include near-clinical compounds and are primarily derived from Allergan's retinoid program, which Allergan has pursued since 1988. This transaction will provide Concurrent with a portfolio of development compounds and near-clinical candidates, and will fortify a discovery engine with the potential to create a pipeline of product leads and follow-on programs.

Under the terms of the transaction, Allergan will receive equity in Concurrent, as well as future milestone and royalty payments. Concurrent's Board of Directors will be expanded to add a representative designated by Allergan.

"Concurrent now has multiple product candidates entering clinical development and we aim to have two compounds with validating clinical data within 18 to 24 months," said Jeffrey Hatfield, Concurrent's Chief Executive Officer. "The acquisition of the highly regarded retinoid program from Allergan provides a unique opportunity to accelerate Concurrent's drug development activities, expand our product pipeline and strengthen our research capabilities."

Augmenting Concurrent's existing lead drug discovery program in renin inhibitors for cardiovascular diseases, the retinoid program acquired from Allergan includes certain exclusive license rights in compounds in the areas of diabetes and cancer; and one dermatology compound. In addition, Concurrent will gain certain exclusive license rights in a comprehensive patent estate of more than 900 issued and pending worldwide patents, and more than 15 programs available for internal or external development in a variety of therapeutic areas. The Allergan retinoid receptor research team that discovered TAZORAC(R) (tazarotene), currently one of the fastest growing acne products in the United States, will join Concurrent as part of the transaction. Allergan's TAZORAC(R) is not included in the transaction.

"At Allergan, we are highly committed to our robust drug pipeline. Today, we have ten projects in Phase III clinical trials that are complemented by an exceptional portfolio of early and mid-stage pipeline compounds," said David E.I. Pyott, Allergan's Chairman of the Board, President and Chief Executive Officer. "As part of our ongoing portfolio management process, we have decided to focus resources in our key research and development programs in ophthalmology, dermatology, neuromodulators/neurology and GI/GU, and to spin out our highly-regarded retinoid research group and its extensive patent portfolio to Concurrent Pharmaceuticals. We are optimistic that Concurrent Pharmaceuticals will unlock the value from our investment in this portfolio and to eventually move novel products to the market."

"The programs and intellectual property assets in which Concurrent is acquiring certain rights from Allergan are an ideal complement to our discovery capabilities in computational chemistry, medicinal chemistry, biochemistry and cellular biology, and will accelerate our forward-integration into drug development," said John Baldwin, Ph.D., Concurrent's President and Chief Scientific Officer. "The field of nuclear receptor biology is extremely promising. We are excited to expand our work in this area and to welcome the world-class team from Allergan to our organization."

About Allergan, Inc.

Allergan, Inc., with headquarters in Irvine, California, is a technology-driven, global health care company providing eye care and specialty pharmaceutical products worldwide. Allergan develops and commercializes products in the eye care, neuromodulator and skin care markets that deliver value to our customers, satisfy unmet medical needs, and improve patients' lives. For additional information about Allergan, visit the company's website, www.allergan.com.

About Concurrent Pharmaceuticals, Inc.

Concurrent Pharmaceuticals is a biopharmaceutical company dedicated to the discovery and development of innovative drugs by advancing its clinical pipeline in major disease areas including cardiovascular, cancer, dermatology and metabolic disease. The company's proprietary Concentric(SM) platform, which integrates drug design methodologies with medicinal chemistry and biology, provides the basis of its drug discovery process, enabling better and faster discovery of novel therapies in the robust areas of kinases, nuclear receptors, and enzyme inhibitors. The company's investors include Prospect Venture Partners, Venrock Associates, New Enterprise Associates and Intel Capital. Concurrent is headquartered in Fort Washington, Pennsylvania. For additional information about Concurrent Pharmaceuticals, including a list of current investors, visit the company's website, www.concurrentpharma.com.

Forward-looking Statements

This press release contains "forward-looking statements", including the statements by Mr. Pyott and Mr. Hatfield, and Dr. Baldwin, statements regarding research and development outcomes, efficacy, and market and product potential. These statements are based on current expectations of future events.

Any other statements in this press release that refer to Allergan's expected, estimated or anticipated future results are also forward-looking statements. All forward-looking statements in this press release reflect Allergan's current analysis of existing trends and information and represent Allergan's judgment only as of the date of this press release. Actual results may differ materially from current expectations based on a number of factors affecting Allergan's businesses, including among other things, changing competitive market and regulatory conditions; the timing and uncertainty of the results of both the research and development and regulatory processes; domestic and foreign health care and cost containment reforms; technological advances and patents obtained by competitors; the performance, including the approval, introduction and consumer and physician acceptance of new products and the continuing acceptance of currently marketed products; the effectiveness of advertising and other promotional campaigns; the timely and successful implementation of strategic initiatives; the results of any pending litigation, investigations or claims; the uncertainty associated with the identification of and successful consummation and execution of external corporate development initiatives and strategic partnering transactions; and Allergan's ability to obtain and successfully maintain a sufficient supply of products to meet market demand in a timely manner. In addition, matters generally affecting the economy, such as changes in interest and currency exchange rates; international relations; and the state of the economy worldwide, can affect Allergan's results. Therefore, the reader is cautioned not to rely on these forward-looking statements. Allergan expressly disclaims any intent or obligation to update these forward-looking statements.

Additional information concerning these and other risk factors can be found in press releases issued by Allergan as well as Allergan's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Certain Factors and Trends Affecting Allergan and its Businesses" in Allergan's 2003 Form 10-K and Allergan's Form 10-Q for the quarter ended March 26, 2004. Copies of Allergan's press releases, and additional information about Allergan is available at www.allergan.com or you can contact the Allergan Investor Relations Department by calling 714-246-4636.