Pharmaceutical giant Actavis plans to rename itself Allergan
Irish pharmaceutical company Actavis said it will adopt the Allergan name after closing a deal to buy the Irvine Botox maker.
In November, Actavis agreed to pay about $66 billion in cash and stock to acquire Allergan, outbidding Canadian company Valeant Pharmaceuticals International Inc. for the Orange County firm.
“By adopting the Allergan name for the corporation we will ensure that our corporate identity reflects the dramatic evolution of our company within the pharmaceutical industry,” said Brent Saunders, chief executive of Actavis.
“We are convinced that the Allergan name will provide an umbrella of exceptional brand equity for an expanded and even more relevant global brand pharmaceutical portfolio.”
Shareholders of Allergan and Actavis are scheduled to vote on the proposed deal next month. The name change would also need the approval of Actavis shareholders.
Actavis, with U.S. headquarters in New Jersey, was viewed by Allergan executives and employees as a better fit than Valeant. The Canadian company had vowed to slash Allergan’s research and development spending and lay off thousands of its 11,000 workers.
Founded in 1950 with a focus on drops to treat eye inflammation, Allergan is best known for its Botox wrinkle treatment. The company also sells Restasis, the only prescription drug to treat chronic dry eye; Latisse, a prescription drug that creates thicker eyelashes; and Natrelle breast implants. Allergan reported more than $6 billion in revenue in 2013.
