Actavis, previously Watson Pharmaceuticals, today announced that it will adopt a new corporate name – Allergan – following the anticipated successful completion of the acquisition of Allergan, Inc.
In a statement, 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,” said Brent Saunders, CEO and President of Actavis, in a statement. “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.”
Saunders said the combined company will focus on developing new medicines that meet unmet medical needs in critical therapeutic categories, as well as increasing global access to high quality, affordable medicines.
“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,” Saunders said in a statement.
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.
“Actavis Moves to Adopt New ‘Allergan’ Corporate Name.” Pharmaceutical Processing. N.p., 20 May 2016. Web. 20 May 2016.