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Home Industry News Allergan comments on possible takeover

Allergan comments on possible takeover

26th March 2009

Allergan has asserted someone would have to make a “very compelling proposition” for it to consider to be sold.

Chief executive officer of the company David Pyott made this comment to Bloomberg during a telephone interview yesterday.

The firm has a lot of money in the bank and, if it made sense, it could do a multi-billion dollar deal, he remarked.

Mr Pyott refused to say whether or not another drug maker had offered to buy the company, which had to let five per cent of its workforce go last month after a fall in sales.

When asked if he would consider an acquisition, Mr Pyott commented: “I have the reputation, right or wrong, of building a company for the long term.

“I say to our investors ? ‘we never forget we work for you’,” he concluded.

Earlier this month, Bloomberg reported Allergan’s Botox might be under threat from Medicis’ Reloxin if it is approved by regulators.

Gary Nachman, an analyst for Leerink Swann, told the news agency if the latter does receive authorisation for the product then it will be “a marketing game”.

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