Actavis Begins Trading as Allergan
Following shareholder approval of the name change on Jun 5, Iceland-based generic drugmaker Actavis has begun trading as Allergan.
The name change follows the Botox manufacturer’s “white knight” acquisition of Allergan in March of this year following a protracted hostile takeover battle by Canadian drugmaker Valeant and Pershing Square Management, the investment vehicle of activist investor Bill Ackmann.
With the asset merger, Allergan/Actavis is seen to be placed among the world's top 10 pharmaceutical companies by revenue. The merged company has 30,000 employees worldwide.
"By adopting the Allergan name, we are ensuring that our corporate identity reflects the transformation of our company within the pharmaceutical industry and our position as a dynamic new breed of company, a leader in Growth Pharma,” said CEO Brent Saunders.
A rebranding campaign will guide the transition of global facilities, operations and commercial presence to the new corporate name.
The US and Canadian generics business will continue to operate under the Actavis name, capitalizing on the Icelandic company’s “exceptional brand equity among customers,” the new Allergan said.
