Allergan, Inc.
Allergan plc | |
Website | www |
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Allergan, Inc. was an American global
Early history
The company traces its roots back to 1948 and pharmacist Gavin S. Herbert, who in 1950 established Allergan Pharmaceuticals, Inc. Allergan focused on the discovery and development of novel formulations for specialty markets, as well as intimate collaboration with physicians and the scientific community. 1953 saw Allergan producing eye drops and formulating new products such as the first cortisone eye drop to treat allergic inflammation and the first ophthalmic steroid decongestant.[4]
Acquisitions
Allergan became a publicly traded company in 1970 and was acquired by
In July 2002, the Allergan ophthalmic surgical and contact lens care businesses were spun-off to create a new company,
On March 1, 2013, the company acquired MAP Pharmaceuticals Inc., a development-stage company mainly researching the treatment of migraine and other oral drugs in Neurology for approximately $958 million. The principal products of this sub-company are under review with the US Food and Drug Administration (FDA).[8] In December 2013, the company sold its obesity intervention business to Apollo Endosurgery, Inc., for a cash payment of $75 million and a $15 million minority equity interest in Apollo Endosurgery.[9]
In November 2014,
In June, Allergan, Inc. announced it would acquire Kythera Biopharmaceuticals for around $2.1 billion.[14]
Attempted acquisition by Valeant Pharmaceuticals
On April 22, 2014, details were released by
On June 18, Valeant began its tender offer for a hostile takeover of Allergan.[18] On August 27, 2014, Valeant and Pershing Square Capital Management asked a Chancery Judge to set a trial for September 24, 2014 to decide on whether Valeant and Pershing had properly secured enough support from Allergan shareholders to force a meeting of investors to consider replacing a majority of the company's directors.[19] On the same day Allergan announced that they had set a December shareholder vote to decide whether the company should replace part of the board of directors.[20] In the afternoon of August 27, Bloomberg reported that Valeant and Pershing Square had won their case with the Chancery Judge setting an October 6 date for the aforementioned trial.[21] On November 17, 2014, Actavis, plc announced it would acquire Allergan in a white knight bid for approximately $66 billion, putting an end to Valeant's hostile takeover attempt.[22]
Company Structure
Allergan, Inc.
(Acq 2015 by Actavis, plc) |
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Safety reports
In 2011, FDA reported issues in the investigation of safety of silicone gel-filled breast implants. However, the company announced later the reassurance to patients of the safety and exclusion of its drugs from the investigated breast implant devices, stating that all of its products are above safety standards around the world.[23]
References
- ^ a b "Allergan Today". allergan.co.uk.
- ^ Pflanzer, Lydia Ramsey. "How Allergan went from a tiny Los Angeles eye care company to the biggest takeover target of 2015". Business Insider. Retrieved 2020-09-10.
- Forbes Magazine. 30 July 2015.
For a master class in mergers and acquisitions, one need only look at the company formerly known as Actavis. Now called Allergan, after its $70 billion acquisition of that maker of Botox last fall, the pharmaceutical firm has undertaken a dizzying series of deals in just the last few years, reinventing and renaming itself in a fashion that might make the artist formerly known as The Artist Formerly Known As Prince proud.
- ^ "Company History". allergan.co.uk.
- ^ a b Berkman, Leslie (1989-07-27). "Shareholders OK Deal Spinning Off Beckman, Allergan". Los Angeles Times. Retrieved 2017-02-12.
- ISSN 0458-3035. Retrieved 2016-09-08.
- ISBN 9781593920951. Retrieved 2017-02-12.
- ^ "Allergan, Inc.: quotes & news - Google Finance". google.com.
- ^ "Allergan, Inc. Completes Sale of Obesity Intervention Business".
- ^ "BBC News - Actavis to buy Botox-maker Allergan $66bn". BBC News. 17 November 2014.
- ^ Caroline Chen (2014-11-17). "Actavis Surges to Top Drugmaker Ranks With Acquisitions". Bloomberg.com.
- ^ Willhite, James (2014-11-17). "The Morning Ledger: Actavis Could Again Evade Treasury's Grasp for Post-Inversion Tax Break". WSJ.
- ^ "Actavis plc is now Allergan plc". Archived from the original on 5 May 2016. Retrieved 16 June 2015.
- ^ "Allergan to Acquire Kythera for $2.1B". GEN. 17 June 2015.
- ^ "Valeant, Bill Ackman bid $45B for Botox-maker Allergan". Canadian Associated Press / CBC. 22 April 2014. Retrieved 22 April 2014.
- ^ Serafino, Phil (28 May 2014). "Valeant raises offer for Allergan". Bloomberg. Retrieved 29 May 2014.
- ^ Basak, Sonali (31 May 2014). "Valeant raises offer for Allergan for second time". Bloomberg. Retrieved 31 May 2014.
- ^ Basak, Sonali (18 June 2014). "Valeant Begins Tender Offer for Allergan Hostile Takeover". Bloomberg. Retrieved 7 October 2014.
- ^ Jef Feeley (27 August 2014). "Allergan Says Valeant Seeking Hearing on Shareholder Meeting". Bloomberg. Retrieved 7 October 2014.
- ^ Koons, Cynthia (27 August 2014). "Allergan Sets December Shareholder Vote on Valeant Bid". Bloomberg. Retrieved 7 October 2014.
- ^ Jef Feeley (27 August 2014). "Valeant, Ackman Win Bid to Fast-Track Allergan Case". Bloomberg. Retrieved 7 October 2014.
- ^ David Welch (17 November 2014). "Actavis to Buy Allergan for $66 Billion, Tops Valeant Bid". Bloomberg.com.
- ^ "Allergan - Allergan Reassures Patients and Surgeons of the Quality and Safety of Its Breast Implant Devices Sold and Distributed Worldwide". shareholder.com. Archived from the original on 2014-02-22. Retrieved 2014-02-10.