Allergan Spinoff

Allergan Inc. said Tuesday that it has completed the spinoff of a new company formed to research and develop pharmaceutical products.

Allergan said it completed the distribution of about 3.3 million shares of Allergan Specialty Therapeutics Inc. common stock. The shares will trade under the symbol ASTI, beginning today

Holders of Allergan common shares will receive one Allergan Specialty common share for every 20 Allergan shares.

Allergan Specialty was formed to research and develop pharmaceutical products based on Allergan’s retinoid and neuro-protective technologies. Allergan contributed $200 million and licensed certain technologies to Allergan Specialty.

William Shepard, former president and chief executive of Allergan, was named president and chief executive of Allergan Specialty. Lester Kaplan, an Allergan vice president, was named an Allergan Specialty director. Alan Lewis, Gary Neil and Marvin Rosenthale were named independent directors.