The verdict is in: Actavis will adopt the “Allergan” corporate name following the anticipated successful completion of the acquisition of Allergan Inc, the company reports.
The company that beat out Valeant in its attempts to win Allergan will now unite its global brand portfolio under the Allergan name. It will, however, retain the Actavis name for select geographic regions and product portfolios.
What’s In a Name?
The change in corporate name is subject to approval by Actavis’ shareholders at its Annual General Meeting later this year.
“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,” says Brent Saunders, CEO and president of Actavis, in a new release.
Next Steps
Actavis will ask shareholders to approve its intention to adopt the Allergan name at the Annual General Meeting of Shareholders. 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.
In other Actavis news, the pharmaceutical company raised its profit guidance for 2015. Acquisitions helped drive revenue growth in the fourth quarter. The results in the most recent quarter easily topped analysts’ expectations, and the company raised its outlook for 2015 to a range of $16.30 to $17.30 a share.