Actavis plc has decided to change its corporate name to 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.
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.
Brent Saunders, CEO and president of Actavis, says, "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. 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 focussed 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, Saunders added.
"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 organisation. 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."