Actavis
plc 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.
"The
pending combination of Actavis and Allergan will create a dynamic new breed of
company – a leader in Growth Pharma. 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. "For more than 65 years, the
Allergan name has represented innovation in branded pharmaceuticals, a
commitment to bringing the best medicine to life and a strong partnership with
physicians. The Actavis name has represented our global commitment to
leadership in generic, branded generic and OTC pharmaceuticals and to increased
access to more affordable prescription medicine for consumers around the world.
Together, our combined company will be equally focused on developing new
medicines that meet unmet medical needs in critical therapeutic categories, as
well as increasing global access to high quality, affordable medicines.
"Using
the Allergan name for our combined brand product portfolios recognizes this
powerful heritage. 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. And it will communicate unequivocally
what we stand for in the brand pharmaceutical space.
"Equally
as important is our commitment to retain the Actavis name in select geographic
regions and for select product portfolios. When we adopted Actavis in 2013, it
defined the transformation of our company into a global leader, focused on
action, vision and strength. A fundamental component of our leadership in Growth
Pharma is our generic DNA, a commitment to leadership in access to medicines,
as well as a commitment to cost effective production and distribution of
pharmaceuticals of the highest quality. Retaining the Actavis name reflects
this heritage, as well as the considerable equity of the Actavis name with our
customers in key markets around the world.
"Corporate
names, however, represent more than heritage. They speak to the future
strategic vision of an organization. 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. "Although we will have distinct identities to our various customers
and in select geographies, we will operate the new Allergan as one company with
one culture, led by an industry-leading unified senior management team."
Actavis
will ask shareholders to approve its intention to adopt the Allergan name at
its Annual General Meeting of Shareholders later this year. Pending shareholder
approval, and formal adoption of the new corporate naming structure, Actavis
will continue to operate under its current name and trade on the New York Stock
Exchange under its present symbol – ACT.
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