Actavis Changing Name to Allergan
Three months after acquiring US Botox producer Allergan for $66 billion, Ireland-based drugmaker Actavis has announced it will adopt Allergan as the name of the merged corporate entity as well as for its global branded pharmaceutical portfolio.
Shareholders will be asked to approve the change at the annual general meeting later this year. The name Actavis is planned to be retained for select geographic regions and product portfolios.
"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, CEO and President of Actavis.
"Uniting under the Allergan corporate umbrella, while retaining the Allergan and Actavis identities for the two respective businesses, defines to customers, competitors, employees and investors that this combination of two powerful, successful and growing companies is transformational, and will reflect our position as the most dynamic growth pharmaceutical company in global healthcare," Saunders added.
The takeover of the Botox maker in November 2014 followed a power struggle to gain control of the company, which had sought to shake off a hostile bid by Canadian pharmaceutical producer Valeant in cooperation with activist investor Bill Ackman's Pershing Square Capital Management.
Originally a New Jersey-based company, Actavis in 2013 relocated its headquarters to Ireland after agreeing to buy Irish drugmaker Warner Chilcott.