Bill Ackman on CNBC this morning, below are clips and excerpts from the interview.

William Ackman, Pershing Square Capital Management, explains how his partnership with Valeant is structured. And J. Michael Pearson, Valeant chairman & CEO, discusses why he partnered with Ackman instead of pursing Allergan alone. Creating shareholder value is our job, says Pearson.

William Ackman, Pershing Square Capital Management, explains why he is helping Valeant buy Allergan.

actually, it was, mike gave a list of companies to us and asked us for our opinion on who we thought was the most interested targets. he wasn’t doing that. we looked at the list, it’s clear allergan is not clear for the company. i think significantly, they’re a strategic overlap in the business. is valiant a company you eventually want to own, there is a risk this deal doesn’t get done, then you own allergan instead. the reason mike is going to share with us the opportunity for allergan, he doesn’t need our help buying stock in valiant. he needs our help in getting this transaction done. did you meet him before you had a target? yes. really? yes. you met him. you liked how he did business, allergaf was the one that foot the bill? what happened was, they have been very public about the fact they’re looking for large targets. there was a merge equal with a $10, $20 billion market cap. he said what is your thoughts? he said sign a confidentiality agreement. he said, actually, that’s the one we’re looking at. we talked about how we could help them effectuate a deal.

William Ackman, Pershing Square Capital Management, explains why he decided to team up with Valeant Pharmaceuticals to make a play for Allergan.

J. Michael Pearson, Valeant Pharmaceuticals chairman & CEO, weighs in on news that Allergan has adopted a “poison pill” defense strategy. Also Pearson shares his thoughts on adding some of Allergan’s notable cosmetic products like Botox and Restasis to its growing arsenal.

J. Michael Pearson, Valeant Pharmaceuticals chairman & CEO, explains why he decided to pursue Allergan and shares his R&D business model, with CNBC’s Kate Kelly. This year we are launching 19 products in the United States, says Pearson.