I used dotted line to visualize the way that VRX could've gone if the Allergan deal doesn't exist.
VRX rallied 1000% in the last 4 years, the Allergan deal is like a life support machine for Valeant right now. Although some people argue Valeant can go after other companies if this one didn't come through, but this tug of war is hurting Valeant really bad. Now everybody (even those don't own or never even heard of this stock, many of whom will become potential shorts by the way) now knows Valeant has heavy debt burden, shortsighted/unsustainable operating model, ruthless tradition of slashing R&D, and fishy accounting practice, the list goes on.
At this point, there is 1 catalyst to keep VRX going, dozens to drag it down.