Actavis to use Allergan corporate name upon completion of acquisition

Actavis announced it will use Allergan as its new corporate name upon completion of the anticipated acquisition of Allergan.

Actavis intends to adopt Allergan as its corporate name and for its global branded pharmaceutical portfolio, according to a company press release. However, select geographic regions and product portfolios will retain the Actavis name, the release stated.

Shareholders will be asked to approve the corporate name change at Actavis’ 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,” Brent Saunders, CEO and president of Actavis, said in the release. “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.”

It was announced in November that Actavis plans to acquire Allergan in a transaction valued at $66 billion, or $219 per share in cash and Actavis shares. The transaction is expected to be complete in the second quarter of 2015.

Pending shareholder approval, Actavis will continue to operate under its current name and trade under its current symbol, ACT, on the New York Stock Exchange, according to the release.

Reference: www.actavis.com.