Allergan's Back In The (M&A) Saddle Again Post Pfizer Breakup
This article was originally published in Scrip
Allergan PLC never really left the market for biopharmaceutical mergers and acquisitions after it entered into a $160bn merger agreement with Pfizer Inc., but now that the deal has been called off the company is free to buy assets large and small that fit its "growth pharma" focus.
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Public Company Edition: The former Allergan CEO is taking a special purpose acquisition corporation public to generate $460m for deals in familiar biopharma niches. Also, IPOs are expected to keep up a robust pace in the fall and Albireo raises $160m on the success of its drug for pediatric liver diseases.
Allergan was expected to announce soon that it would follow its shareholders' advice and split the company in two, but it's being acquired by AbbVie for $63bn instead, finally giving investors a big boost in their Allergan holdings after years of decline.
Investors want to separate the CEO and chairman roles held by Brent Saunders, among other demands, but it's unclear whether new investor Carl Icahn – a prior Saunders supporter – will pursue the same causes.