Allergan
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Company type | Subsidiary |
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NYSE:AGN | |
Industry | Pharmaceuticals |
Predecessors | Allergan, Inc.andActavisbefore the 2015tax inversionand merger |
Founded | May 16, 2013Actavis) &Warner Chilcott March 17, 2015 renamed to Allergan Plc upon the merger ofAllergan, IncandActavis | ,upon the combination of Allergan Finance, LLC (
Headquarters | Clonshaugh Business & Technology Park, Coolock, D17 E400,, |
Number of locations | 40 manufacturing facilities, 27 global R&D centres and marketing/sales facilities worldwide. |
Area served | ~100 countries |
Products | Brandedpharmaceuticals |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 17,800 (2018) |
Parent | AbbVie |
Website | www |
Footnotes / references [1] |
Allergan plcis an American, Irish-domiciledpharmaceuticalcompany that acquires, develops, manufactures and markets brand name drugs and medical devices in the areas of medical aesthetics, eye care, central nervous system, and gastroenterology.[1][2][3]The company is the maker ofBotox.[1]
Allergan plc was formed in March 2015 when Irish–registeredActavis plcacquired U.S.–registeredAllergan, Inc.,and assumed the Allergan name.[4][5]In 2016, Allergan sold itsgeneric drugsbusiness, Actavis, toTeva Pharmaceuticalsfor $40.5 billion.[6]
In June 2019, U.S. pharmaceutical companyAbbVieannounced it had reached an agreement to acquire Allergan for $63 billion. The merged company would be domiciled in the U.S. for tax purposes.[7][8]
Global headquarters
[edit]Allergan's global headquarters are located in Dublin, Ireland. The company also maintains a significant presence in the United States, with administrative and operational headquarters located in various locations across the country, including Irvine, California and Madison, New Jersey.[9]
History
[edit]Allergan plc was created from the 2015 merger and Irishcorporate tax inversionof two companies, Irish-basedActavis plcand U.S.-based Allergan, Inc.[10]
Allergan, Inc.
[edit]![](https://upload.wikimedia.org/wikipedia/commons/thumb/c/c0/Allergan_headquarters.jpg/220px-Allergan_headquarters.jpg)
In 1948, pharmacist Gavin S. Herbert foundedAllergan Pharmaceuticals, Inc.[10]In 1970, Allergan, Inc. became apublic companyvia aninitial public offering.[10]In 1977, Allergan announced plans to build a factory in Westport, Ireland.[11]
In 1980, it was acquired bySmithKline Corporationfor $259 million[12]and was later spun-off by SmithKline Beecham in 1989.[13]In 1989, Allergan opened a manufacturing plant inWaco, Texas,to manufacture eye care products.[14]
In 1991, Allergan acquired the company Oculinum which manufactured products for eye muscle disorders.[15][16]Following the acquisition, the product was renamed Botox.[15][17]In 1996, Allergan received FDA approval forAlphaganophthalmic solution for open-angle glaucoma and ocular hypertension.[18]In 1998, Allergan established The Allergan Foundation, a private US-based charitable foundation.[19]
In 2005, Allergan acquired Inamed which had a licensing agreement with Corneal Group Laboratoires for Juvederm products.[20][21][22]In 2006, Allergan gained rights to Juvederm products.[23][24]
Actavis plc
[edit]In the spring of 1983, colleaguesAllen Chaoand David Hsia formed Watson Pharmaceuticals, adrug developmentinLibertyville, Illinois.[25]In late fall of 1983, the company moved toCorona, California,and began to develop and manufacture generic pharmaceuticals.[26]In February 1993, the company became apublic companyvia aninitial public offering.[26]
In 2011, the company moved its corporate headquarters fromCorona, California,toParsippany-Troy Hills, New Jersey.[27][28]On October 31, 2012, Watson acquired Actavis for€4.25 billionand took the Actavis name.[29]In 2013, Actavis acquired Irish-registeredWarner Chilcottfor $5 billion and used the transaction to execute acorporate tax inversionto Ireland.[30][31]In 2014, Actavis acquired Forest Laboratories for $25 billion.[32]
Acquisition by Actavis plc (2015–2019)
[edit]![](https://upload.wikimedia.org/wikipedia/commons/thumb/a/a8/Allergan_Headquarters_in_Ireland_%28Clonsaugh_Park%2C_Coolock%2C_Dublin%29.jpg/220px-Allergan_Headquarters_in_Ireland_%28Clonsaugh_Park%2C_Coolock%2C_Dublin%29.jpg)
In 2015, Irish-based Actavis plc acquired U.S.-basedAllergan, Inc.,for $70 billion, and in effect redomiciled Allergan to Ireland in a corporate tax inversion.[4][33]Actavis CEO Brent Saunders became the CEO of the combined company.[34]In June 2015, the company took the Allergan name.[35]
As of 2020, the company operated four facilities in Ireland.[36][11]
2015
[edit]On July 7, 2015, the company acquired the rights to the late stageCGRPmigraineportfolio ofMerck & Co,as well as two experimental drugs for an upfront payment of $250 million.[37]Later that summer, the company acquired Oculeve for $125 million[38]and Naurex for an upfront payment of $560 million.[39]In October 2015, the company acquired AqueSys, developer of ocular implants for an initial payment of $300 million,[40]along with Kythera Biopharmaceuticals, a company focused on the medical aesthetics market, for $2.1 billion.[41][42]
In late 2015, the company announced the acquisition of Northwood Medical Innovation, the developer ofearFold.[43]On November 25, 2015, the company announced it would partner with Rugen Therapeutic to develop new therapies forautism spectrum disorderandobsessive compulsive disorder.[44]
Abandon Merger with Pfizer
[edit]On November 23, 2015, Allergan andPfizerannounced their intention to merge in a $160 billion transaction.[45]On April 5, 2016, after the Obama administration announced its plan to bantax inversions,Pfizer terminated the acquisition and paid Allergan a $150 millionbreakup fee.[46][47]
2016
[edit]In April 2016, the company announced it would partner with Heptares Therapeutics to develop a subtype-selectivemuscarinic agonistsforAlzheimer's disease[48][49]and announced the acquisition of Topokine Therapeutics, gaining the phase IIb/III compound XAF5 - a treatment fordermatochalasis.[50]
In August 2016, Allergan plc sold itsgeneric drugsbusiness toTeva Pharmaceutical Industriesin a $40.5 billion deal[51][52]and announced the acquisition of ForSight VISION5 for more than $95 million.[53]
In September 2016, CEO Saunders announced what he called a social contract to limit prices on the company's medications.[54][55]That same month, the company acquired RetroSense Therapeutics for more than $60 million,[56]announced the acquisition of Tobira Therapeutics for approximately $1.7 billion[57]and, a day later, the acquisition of Akarna Therapeutics for $50 million.[58]
In October 2016, the company sold Anda, its generic drug distribution business, to Teva for $500 million[59][60]and acquired Vitae Pharmaceuticals, focused on dermatology treatments, for $639 million.[59][61][62]That same month, the company announced it would acquire Motus Therapeutics, a developer of treatments for gastrointestinal disorders, for $200 million.[63]On November 22, 2016, the company acquired Chase Pharmaceuticals for $125 million.[64][65]
2017-2020
[edit]In 2017, the company acquired LifeCell, a specialist in regenerative medicine, for $2.9 billion and Zeltique Aesthetics, maker of CoolSculpting, for $2.4 billion.[66][67][68][69]On June 7, the company announced the acquisition of Keller Medical, a company that manufactures devices for use duringbreast augmentationsurgery.[70]On December 12, the company announced the acquisition ofRepros Therapeutics,a developer of drugs forreproductive system diseases.[71]
In September 2018, Allergan acquired the aesthetic company, Bonti, for $195 million.[72][73]
In March 2019, the company acquired Envy Medical, Inc.[74]As of 2019, Allergan's Botox product had annual sales of nearly $4 billion.[75]
In 2018, along with several other drug manufacturers and distributors, the company was sued by several municipalities and states in the U.S. due to the manufacture ofopioids,which have been abused in what has been referred to as theopioid epidemic.[76][77]
Acquisition by AbbVie Inc. (2019-present)
[edit]In June 2019, U.S. pharmaceutical companyAbbVieannounced it had reached an agreement to acquire Allergan for $63 billion,[7]which would return Allergan to the U.S. for tax purposes.[8]On the announcement of the transaction, Abbvie disclosed that its 2019 net effective tax rate was 9%, but that post the acquisition, the Group's effective tax rate would rise to 13%. The merger was expected to close in 2020.[8]
On May 8, 2020, AbbVie completed its acquisition of Allergan.
Acquisition history
[edit]Allergan, plc
(formerly known as Actavis until June 2015 when it adopted Allergan's name. Acquired byAbbvieJune 2019) |
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Products
[edit]Allergan acquires, develops, manufactures and markets branded products in four therapeutic areas: medical aesthetics, eye care, central nervous system, and gastroenterology. The company manufactures several pharmaceutical products including Botox (botulinum toxin), Juvederm (injectable filler), CoolSculpting (cryolipolysis), Alphagan (brimonidine), Vraylar (cariprazine HCI), Linzess (linaclotide),[1]and Ubrelvy (ubrogepant).[15][20][66][18][78]
See also
[edit]- Biotech and pharmaceutical companies in the New York metropolitan area
- The St. Regis Mohawk Tribe and Restasis patent
- Corporate tax inversion
- Ireland as a tax haven
References
[edit]- ^abcd"Allergan plc 2018 Form 10-K Annual Report".U.S. Securities and Exchange Commission.
- ^Rockoff, Jonathan D. (11 February 2018)."New Tax Law Haunts Inversion Deals".The Wall Street Journal.
Similarly, Allergan, a drugmaker that moved its headquarters to Ireland after a 2013 acquisition but gets about 80% of revenue in the U.S., expects the loss of deductions on intercompany loans will largely be balanced out by lower taxes on its U.S. sales.
- ^Rockoff, Jonathan D. (2018-05-30)."Allergan To Sell Businesses in Bid To Appease Shareholders".Wall Street Journal.ISSN0099-9660.Retrieved2020-04-07.
- ^ab"From Actavis to Allergan: One pharma company's wild dealmaking journey".Fortune.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.
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- ^abJulia Kollewe (25 June 2019)."Botox maker Allergan bought by US drug giant for $63bn".The Guardian.Retrieved25 June2019.
- ^abcRebecca Spalding; Riley Griffin (25 June 2019)."AbbVie Strikes $63 Billion Deal for Botox Maker Allergan".Bloomberg.Bloomberg News.Retrieved25 June2019.
The deal will return Allergan to the U.S., at least for tax purposes.
- ^"History of Allergan".March 2023.
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- ^abcVara, Vauhini (18 November 2014)."Billions and Billions for Botox".The New Yorker.Retrieved2020-04-07.
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- ^ab"ALPHAGAN (brimonidine tartrate ophthalmic solution)"(PDF).fda.gov.2016.
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- ^ab"Prescription for Success: Drug Maker Watson Thrives in Crowded Generic Market".Los Angeles Times.1996-06-12.Retrieved2020-04-07.
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- ^"INDUSTRY: Corona pharmaceuticals plant to focus on contraceptives now".Press Enterprise.2014-01-02.Retrieved2020-04-07.
- ^"Watson to buy Actavis for at least 4.25 billion euros".Reuters.2012-04-26.Retrieved2020-04-07.
- ^"Actavis to acquire Warner Chilcott in $5bn pharmaceutical deal".Financial Times.20 May 2013.
Actavis sought to fend off takeover threats by purchasing Dublin-based rival Warner Chilcott in a $5bn deal designed to turn it into the world's third-largest generic drug company by sales. The agreed all-stock deal, worth $8.5bn including net debt, follows recent efforts by competitors including Valeant and Mylan to acquire Actavis. Analysts said the move could spark alternative bids for Actavis or Warner Chilcott at a time of rapid consolidation in the sector. [..] The transaction will also exploit tax savings through the creation of a new Irish holding company, cutting Actavis' estimated 28 percent tax rate this year to 17 per cent and helping create annual synergies that the company said would exceed $400m.
- ^Mattioli, Dana (2014-11-17)."Actavis-Allergan Deal Paves Way for Tax Savings".Wall Street Journal.ISSN0099-9660.Retrieved2020-04-07.
- ^Cimilluca, Dana Mattioli, Jonathan D. Rockoff and Dana (2014-02-18)."Actavis Agrees to Buy Forest Labs for $25 Billion".Wall Street Journal.ISSN0099-9660.Retrieved2020-04-07.
{{cite news}}
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- ^Dulaney, Chelsey (July 7, 2015)."Allergan Buys Rights to Merck's Migraine Drugs".The Wall Street Journal.
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- ^Bray, Chad (2015-06-17)."Allergan to Buy Kythera Biopharmaceuticals for $2.1 Billion".The New York Times.ISSN0362-4331.Retrieved2020-04-08.
- ^"Form 8-K - Warner Chilcott Limited".sec.gov.October 2015.Retrieved2020-04-08.
- ^"Allergan agrees to acquire earFold device for correcting prominent ears".healio.November 5, 2015.Retrieved2020-04-08.
- ^"Allergan and Rugen Therapeutics team up on autism and OCD research".thepharmaletter.Retrieved2020-04-08.
- ^"Pfizer seals $160bn Allergan deal to create drugs giant".BBC News.November 23, 2015.
- ^Rockoff, Jonathan (April 6, 2016)."Pfizer Walks Away From Allergan Deal".The Wall Street Journal.
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External links
[edit]- Official website
- Historical business data for Allergan plc:
- SEC filings
- AbbVie
- Companies formerly listed on the New York Stock Exchange
- Pharmaceutical companies of Ireland
- Manufacturing companies based in Dublin (city)
- Pharmaceutical companies established in 2015
- Irish companies established in 2015
- Tax inversions
- 2020 mergers and acquisitions
- Irish subsidiaries of foreign companies