|Type||Subsidiary of AbbVie Inc.|
|Predecessors||Allergan, Inc. and Actavis before the 2015 tax inversion and merger|
|Founded||May 16, 2013Actavis) & Warner Chilcott upon the combination of Allergan Finance, LLC (|
March 17, 2015 renamed to Allergan Plc upon the merger of Allergan, Inc and Actavis
|Headquarters||Clonshaugh Business & Technology Park, Coolock, D17 E400,|
Number of locations
|40 manufacturing facilities, 27 global R&D centres and marketing/sales facilities worldwide.|
|Revenue||$16.089 billion (2019)|
|-$5.142 billion (2018)|
|Total assets||$94.699 billion (2019)|
|Total equity||$58.195 billion (2019)|
Number of employees
|Footnotes / references|
Allergan plc is an American, Irish-domiciled pharmaceutical company 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. The company is the maker of Botox.
In 1948, pharmacist Gavin S. Herbert founded Allergan Pharmaceuticals, Inc. In 1970, Allergan, Inc. became a public company via an initial public offering. In 1977, Allergan announced plans to build a factory in Westport, Ireland.
In 1980, it was acquired by SmithKline Corporation for $259 million and was later spun-off by SmithKline Beecham in 1989. In 1989, Allergan opened a manufacturing plant in Waco, Texas to manufacture eye care products.
In 1991, Allergan acquired the company Oculinum which manufactured products for eye muscle disorders. Following the acquisition, the product was renamed Botox. In 1996, Allergan received FDA approval for Alphagan ophthalmic solution for open-angle glaucoma and ocular hypertension. In 1998, Allergan established The Allergan Foundation, a private US-based charitable foundation.
In the spring of 1983, colleagues Allen Chao and David Hsia formed Watson Pharmaceuticals, a drug development in Libertyville, Illinois. In late fall of 1983, the company moved to Corona, California and began to develop and manufacture generic pharmaceuticals. In February 1993, the company became a public company via an initial public offering.
In 2011, the company moved its corporate headquarters from Corona, California to Parsippany-Troy Hills, New Jersey. On October 31, 2012, Watson acquired Actavis for €4.25 billion and took the Actavis name. In 2013, Actavis acquired Irish–registered Warner Chilcott for $5 billion and used the transaction to execute a corporate tax inversion to Ireland. In 2014, Actavis acquired Forest Laboratories for $25 billion.
Acquisition by Actavis plc (2015–2019)
In 2015, Irish–based Actavis plc acquired U.S.–based Allergan, Inc. for $70 billion, and in effect redomiciled Allergan to Ireland in a corporate tax inversion. Actavis CEO Brent Saunders became the CEO of the combined company. In June 2015, the company took the Allergan name. At the time, over 85% of the combined sales of the post-merger Allergan plc were from the U.S. healthcare system.
On July 7, 2015, the company acquired the rights to the late stage CGRP migraine portfolio of Merck & Co, as well as two experimental drugs for an upfront payment of $250 million. Later that summer, the company acquired Oculeve for $125 million and Naurex for an upfront payment of $560 million. In October 2015, the company acquired AqueSys, developer of ocular implants for an initial payment of $300 million, along with Kythera Biopharmaceuticals, a company focused on the medical aesthetics market, for $2.1 billion.
In late 2015, the company announced the acquisition of Northwood Medical Innovation, the developer of earFold. On November 25, 2015, the company announced it would partner with Rugen Therapeutic to develop new therapies for autism spectrum disorder and obsessive compulsive disorder.
Abandon Merger with Pfizer
On November 23, 2015, Allergan and Pfizer announced their intention to merge in a $160 billion transaction. On April 5, 2016, after the Obama administration announced its plan to ban tax inversions, Pfizer terminated the acquisition and paid Allergan a $150 million breakup fee.
In April 2016, the company announced it would partner with Heptares Therapeutics to develop a subtype-selective muscarinic agonists for Alzheimer's disease and announced the acquisition of Topokine Therapeutics, gaining the phase IIb/III compound XAF5 - a treatment for dermatochalasis.
In August 2016, Allergan plc sold its generic drugs business to Teva Pharmaceutical Industries in a $40.5 billion deal and announced the acquisition of ForSight VISION5 for more than $95 million.
In September 2016, CEO Saunders announced what he called a social contract to limit prices on the company's medications. That same month, the company acquired RetroSense Therapeutics for more than $60 million, announced the acquisition of Tobira Therapeutics for approximately $1.7 billion and, a day later, the acquisition of Akarna Therapeutics for $50 million.
In October 2016, the company sold Anda, its generic drug distribution business, to Teva for $500 million and acquired Vitae Pharmaceuticals, focused on dermatology treatments, for $639 million. That same month, the company announced it would acquire Motus Therapeutics, a developer of treatments for gastrointestinal disorders, for $200 million. On November 22, 2016, the company acquired Chase Pharmaceuticals for $125 million.
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. On June 7, the company announced the acquisition of Keller Medical, a company that manufactures devices for use during breast augmentation surgery. On December 12, the company announced the acquisition of Repros Therapeutics, a developer of drugs for reproductive system diseases.
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 of opioids, which have been abused in what has been referred to as the opioid epidemic.
Acquisition by AbbVie Inc. (2019-present)
In June 2019, U.S. pharmaceutical company AbbVie announced it had reached an agreement to acquire Allergan for $63 billion, which would return Allergan to the U.S. for tax purposes. 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 is expected to close in 2020.
On May 8, 2020, AbbVie completed its acquisition of Allergan.
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), and Ubrelvy (ubrogepant).
- 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
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- 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.
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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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The deal will return Allergan to the U.S., at least for tax purposes.
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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.
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