Actavis to change name to Allergan, selling $8.4bn in shares to finance takeoverStaff writer ▼ | February 19, 2015
Actavis plc announced that it will adopt a new corporate name, Allergan, following the anticipated successful completion of the acquisition of Allergan, Inc.
Changing the brand The pending combination of Actavis and Allergan
"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.
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 announced that it is commencing concurrent offerings totaling $8.4 billion, comprising $4.2 billion of Ordinary Shares and $4.2 billion of Mandatory Convertible Preferred Shares, Series A, each in a separate registered public offering, subject to market and other conditions.
Actavis intends to use the net proceeds from these offerings, together with additional debt financing to finance the cash consideration for its acquisition of Allergan and certain related transactions and financing expenses. ■