Actavis Plans to Use Allergan as Corporate Name Following Close of Allergan Acquisition
Actavis plc has announced that it will adopt a new corporate name, Allergan, following the anticipated successful completion of the acquisition of Allergan, Inc. The company said that it intends to use the Allergan name as its corporate name and for its global branded pharmaceutical portfolio and will retain the Actavis name for select geographic regions and product portfolios. The change in corporate name would be subject to approval by Actavis’ shareholders at its Annual General Meeting later this year.
In 2014, Actavis agreed to acquire the specialty pharmaceutical company Allergan for approximately $66 billion. The transaction, subject to shareholder approval and customary closing conditions, has been unanimously approved by the boards of directors of Actavis and Allergan and is supported by the management teams of both companies. If the deal proceeds as planned, a combined company of Actavis and Allergan would have 2015 pro forma revenues in excess of $23 billion, making it one of the top 10 global pharmaceutical companies. The transaction is anticipated to close in the second quarter of 2015.
Assuming the corporate brand of the acquired company was a similar approach taken when Watson Pharmaceuticals acquired Actavis. In October 2012, Watson Pharmaceuticals acquired the Actavis Group and changed its corporate name to Actavis in January 2013.
Actavis’ pending acquisition of Allergan is the latest in a series of large-scale acquisitions by Actavis. In October 2013, Actavis completed its acquisition of Warner Chilcott plc, which capitalized on the complementary specialty pharmaceuticals strengths and market positions of the two organizations, particularly in women's health and urology, as well as in gastroenterology and dermatology. These deals were followed by Actavis' $28-billion acquisition of Forest Laboratories in 2014.