Actavis

{{Infobox company

| name = Actavis Generics

| logo = Actavis-logo.svg

| logo_size = 200px

| type = Subsidiary

| traded_as = {{NYSE was|ACT}}

| fate = 2015 Irish tax inversion and merger with Allergan, Inc.

| parent = Teva Pharmaceuticals

| successor = Allergan, plc

| foundation = {{start date and age|1984|3}} in Libertyville, Illinois, United States

| founder = Allen Chao, Ph.D. and David Hsia, Ph.D.

| defunct = {{End date|2015}}

| location = Dublin, Ireland and Parsippany-Troy Hills, New Jersey, United States

| locations = 40 manufacturing facilities
27 global R&D centers

| area_served = ≈100 countries

| key_people = Brenton L. Saunders (CEO and president)
Paul Bisaro (executive chairman)

| industry = Branded and generic pharmaceuticals, and pharmaceutical research and development

| products = Branded and generic pharmaceuticals

| revenue = US$13.062 billion (2014)

| operating_income = {{increase}} US$1.090 billion (2014)

| net_income = {{decrease}} {{US$|{{color|red|−1.63}} billion}} (2014)

| assets = {{increase}} US$6.881 billion (2014)

| equity = {{increase}} US$28.335 billion (2014)

| num_employees = 21,600 (2015)

| homepage = {{URL|www.actavis.com}}

}}

Actavis Generics{{cite web|url=https://www.fiercepharma.com/pharma/analyst-cuts-allergan-generics-sales-estimates-as-teva-deal-close-nears|title=Analyst cuts Allergan generics sales estimates as Teva deal close nears|website=FiercePharma|date=16 June 2016 }} (formerly known as Watson Pharmaceuticals and Actavis plc, prior to the acquisition of Irish-based Allergan, Inc.) is a global pharmaceutical company focused on acquiring, developing, manufacturing and marketing branded pharmaceuticals, generic and over-the-counter medicines, and biologic products. Actavis has a commercial presence across approximately 100 countries. The company has global headquarters in Dublin, Ireland and administrative headquarters in Parsippany-Troy Hills, New Jersey, United States.

Actavis markets brand products through six franchises in key therapeutic categories including: Aesthetics/Dermatology/Plastic Surgery; Neurosciences/CNS; Eye Care; Women's Health and Urology; GI and Cystic Fibrosis; and Cardiovascular Disease and Infectious Disease.{{cite web |url= http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NTczMDc2fENoaWxkSUQ9Mjc1MzEzfFR5cGU9MQ==&t=1 |work=Actavis plc |title= Form 10K}} The company's products include Botox,{{cite web|url=http://www.botoxcosmetic.com/|work=Allergan|title=Botox cosmetics}} Namenda, Restasis,{{cite web |url= http://www.allergan.com/assets/pdf/restasis_pi.pdf |work= Allergan |title= Restasis}} Linzess, Bystolic,{{Cite web|title=Forest Labs to be sold for $25 billion|url=https://www.bizjournals.com/stlouis/morning_call/2014/02/forest-labs-to-be-sold-to-actavis-for.html|last=Barr|first=Diana|date=18 February 2014|website=St. Louis Business Journal}} Juvederm,{{cite web |url= http://www.juvederm.com/ |work=Allergan |title= Juvederm}} Latisse,{{cite web |url= http://www.allergan.com/assets/pdf/latisse_pi.pdf |work=Allergan |title=Latisse}} Lo Loestrin Fe, Estrace, Teflaro, Dalvance, Ozurdex,{{cite web |url=http://www.ozurdex.com/ |work= Allergan |title= Ozurdex}} Optive,{{cite web |url= http://www.refreshbrand.com/products |work= Allergan |title=Optive}} Natrelle,{{cite web |url= http://www.natrelle.com/|work=Allergan|title=Natrelle}} Viibryd, Liletta, Saphris,{{cite web|url=http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NTczMDc2fENoaWxkSUQ9Mjc1MzEzfFR5cGU9MQ==&t=1|work=Actavis plc|title=Form 10K}} Enablex, Actonel, Androderm, Gelnique and others.

Actavis also operates the world's third-largest generics business. The company has been ranked in the top 3 in 12 global markets, the top 5 in 16 global markets, and in the top 10 in 33 global markets. Actavis also develops and out-licenses generic pharmaceutical products outside the US through its Medis third-party business, the world's largest generic pharmaceutical out-licensing business. Medis has more than 300 customers globally, and offers more than 200 products.{{cite web |url= http://www.firstwordpharma.com/node/1069369#axzz3UeADu6zk |work=First Word Pharma |title= Actavis Confirms Favorable Ruling In Generic Pulmicort RESPULES Patent Suit}} Actavis PLC is also developing biosimilars products in oncology and other therapeutic categories, and currently has five biosimilar products in development.{{cite web |url= http://www.fiercebiotech.com/story/can-actavis-deliver-promised-6b-boost-pipeline/2015-02-18 |title= Can Actavis deliver a promised $6B boost from this pipeline|work=Fierce Biotech|author=John Carroll|date= 18 February 2015}} Actavis PLC has more than 40 manufacturing and distribution facilities around the world, with a capacity of approximately 40 billion units annually. Actavis Global Operations also included Anda Inc, the fourth-largest US generic pharmaceutical product distributor in the United States.{{cite web|url= http://www.firstwordpharma.com/node/1069369#axzz3UeADu6zk|title=Actavis Confirms Favorable Ruling In Generic Pulmicort Respules Patent Suit|work=First Word Pharma}}

On June 15, 2015, Actavis plc changed its name to Allergan plc, but the company's U.S. and Canadian generics business will continue to operate under the Actavis name.{{cite news|url=https://www.wsj.com/articles/actavis-changes-name-to-allergan-after-deal-for-botox-maker-1434370774|title=Actavis Changes Name to Allergan After Deal for Botox Maker |work=WSJ|date=2015-06-15|access-date=2015-08-07|first=Neil|last=Haggerty}} In July 2015, Allergan PLC announced it would sell its Generics division of the company, including Anda Inc,{{Cite web|url=https://www.businesswire.com/news/home/20160802006666/en/Teva-Completes-Acquisition-Actavis-Generics|title=Teva Completes Acquisition of Actavis Generics|date=2016-08-02|website=www.businesswire.com|language=en|access-date=2019-03-06}} to Teva Pharmaceuticals for $40.5 billion,{{Cite press release|title = Allergan Accelerates Transformation to Branded Growth Pharma Leader by Divesting Global Generics Business to Teva for $40.5 Billion|date = 27 July 2015|publisher = Allergan|url = http://www.allergan.com/NEWS/News/Thomson-Reuters/Allergan-Accelerates-Transformation-to-Branded-Gro|access-date = 4 December 2015}}{{Cite news|url = http://seekingalpha.com/news/2657535-teva-to-buy-allergan-generics-for-40_5b|title = Teva to buy Allergan Generics for $40.5B|last = Yoel|first = Minkoff|date = 27 July 2015|work = Seeking Alpha|access-date = 4 December 2015}} a transaction proposed for completion by the first quarter of 2016.{{Cite news|url = https://finance.yahoo.com/news/teva-divesting-1-billion-assets-163729998.html|title = Teva divesting $1 billion in assets to clear Allergan deal|last = O'Donnell|first = Carl|date = 3 December 2015|access-date = 4 December 2015|via = Yahoo! Finance|agency = Reuters}}

History

The company was founded in the spring of 1983,{{cite web |url= https://finance.yahoo.com/q/pr?s=ACT+Profile |title= ACT Profile {{!}} Actavis plc Ordinary Shares Stock - Yahoo! Finance |work= yahoo.com |archive-url= https://web.archive.org/web/20150413165504/https://finance.yahoo.com/q/pr?s=ACT+Profile |archive-date= 2015-04-13}} when, with funding from friends and family, colleagues Allen Chao, Ph.D. and David Hsia, Ph.D., began a small drug development enterprise. Just two months later, the founders established an initial product-development and analytical laboratory with six employees (including both founders) in a leased space in Libertyville, Illinois (U.S.).

By late fall of the same year, the company moved to Southern California into an initial 2,000-square-foot (190 m²) leased facility in Corona, and the development and manufacturing of generic pharmaceuticals began.{{cite web |url= http://www.tbiweb.org/tbi/newsevents.php?news_id=28&pid=6 |work=TBI |title= Watson Pharmaceuticals acquired Arrow Group for 1.75B |url-status=dead |archive-url= https://web.archive.org/web/20150402194755/http://www.tbiweb.org/tbi/newsevents.php?news_id=28&pid=6 |archive-date= 2015-04-02 }} The Corona site became the corporate headquarters for the rapidly expanding US company.

Company evolution

=1990s=

Throughout its history, Actavis has expanded both organically and as the result of strategic acquisitions. In 1993, Actavis, then Watson, announced its initial public offering (IPO) of shares of common stock. The company was initially listed on the NASDAQ under the ticker symbol WATS. The company moved to the New York Stock Exchange (NYSE) in 1997, and began trading under the symbol WPI.

File:Actavis.JPG ]]

=2000 to 2009=

In 2000, the company acquired Schein Pharmaceutical Inc, an acquisition that more than doubled the company's size.{{cite news|url=https://www.nytimes.com/2000/05/26/business/company-news-watson-pharmaceuticals-agrees-to-buy-a-rival.html|title=Watson Pharmaceuticals agrees to buy a rival|work=NY Times | date=2000-05-26}} In that same year, the group reported revenues in excess of $1 billion. In the fall of 2006, it acquired Andrx Corporation, a Fort Lauderdale, Florida–based pharmaceutical company founded by Alan Cohen, making it the third largest specialty pharmaceutical company based on total prescriptions dispensed.{{cite journal|url=http://www.pharmacytimes.com/publications/issue/2006/2006-04/2006-04-5430|title=Watson Pharmaceuticals to buy Andrx Corp|website=PharmacyTimes.com|date=April 2006 }} In 2007, Dr. Allen Chao retired as President and Chief Executive Officer (CEO) and was succeeded by Paul M. Bisaro.{{cite web|url=http://www.fiercebiotech.com/press-releases/press-release-watson-pharmaceuticals-inc-says-ceo-retire-names-replacement|title=Watson Pharmaceuticals, Inc. Says CEO to Retire, Names Replacement|work=Fierce Biotech|date=2 August 2007 }} The company's international presence began with the acquisition of the Arrow Group in 2009, providing the company with commercial presence in more than 20 international markets.{{cite news|url=http://www.marketwatch.com/story/watson-pharma-to-buy-arrow-group-for-175-billion|title=Watson to acquire Arrow Group for $1.75 billion|work=Marketwatch|date=2009-06-17}} As a result of the Arrow acquisition, the company also acquired the biopharmaceutical development organization Eden Biodesign in Liverpool, UK.{{cite web|url=http://www.biopharma-reporter.com/Bio-Developments/Watson-buys-Eden-Biodesign|title=Watson buys Eden Biodesign|work=Biopharma-Reporter.com|author=Gareth Macdonald|date=February 2010 }}

=2011 to 2014=

In 2011, Watson moved its corporate headquarters from Corona, California to Parsippany, New Jersey. The new LEED-certified corporate headquarters at the Morris Corporate Center in Parsippany was formally dedicated on June 9, 2011.{{cite web|url=http://www.nj.com/business/index.ssf/2012/01/generic_drug_maker_watson_open.html |title=Generic drug maker Watson opening research operations in North Brunswick|work=NJ.com|date=30 January 2012 }}

==Actavis acquisition and Watson name change==

In November 2012, Watson acquired the Switzerland-based, global generics company Actavis Group for {{Euro|4.25 billion|link=yes}}, creating the world's third largest generics company, with a leading position in key established commercial markets including the US, the UK, Nordics, Canada, Australia, and emerging markets in Central and Eastern Europe, and Russia.{{cite news|url=https://www.wsj.com/articles/SB10001424052702303592404577363602355925464|title=Watson, Actavis to Merge in €4.5 Billion Deal|work=Wall Street Journal|author=Eyk Henning|date=2012-04-25}} Following the acquisition, Watson adopted Actavis' name for its global operations.

==Warner Chilcott PLC acquisition==

On October 1, 2013, Actavis acquired Irish pharmaceutical company Warner Chilcott PLC (previously known as Galen) in a stock-for-stock transaction valued at approximately $8.5 billion.{{cite web|url=http://ir.actavis.com/phoenix.zhtml?c=65778&p=irol-newsArticle&ID=1860196 |archive-url=https://web.archive.org/web/20160116170836/http://ir.actavis.com/phoenix.zhtml?c=65778&p=irol-newsArticle&ID=1860196 |url-status=dead |archive-date=2016-01-16 |title=News - Actavis |work=Actavis }} The combination created a company with approximately $10 billion in anticipated combined annual 2013 revenue, and the third-largest US specialty pharmaceutical company with approximately $3 billion in annual revenue focused on the core therapeutic categories of women's health, urology, gastroenterology and dermatology. In association with the merger the company relocated its corporate headquarters to Ireland while maintaining its operational headquarters in Parsippany, taking advantage of the lower (17% vs. 35% in the United States) Irish corporate tax rate.{{cite news|url=https://www.wsj.com/articles/SB10001424127887324102604578494731073630120|title=Actavis to Buy Warner Chilcott in $5 Billion Deal |work=The Wall Street Journal | first=Peter|last=Loftus|date=2013-05-20}} This deal inspired a series of similar moves by other drug companies and led to new Treasury Department regulations limiting the ability of companies to perform such inversions, although Actavis was exempt from these regulations as its move abroad had already been completed.{{cite news|url=https://dealbook.nytimes.com/2014/11/17/allergan-agrees-to-be-sold-to-actavis/|title=Allergan Escapes Valeant's Pursuit, Agreeing to Be Bought by Actavis |work=The New York Times | first=David|last=Gelles|date=2014-11-17}} CEO Paul Bisaro stated that in making the inversion, they were trying to "level the playing field" given the high corporate tax rate in the United States.{{cite news|url=https://www.bloomberg.com/news/2013-05-21/actavis-lowers-tax-rate-to-17-after-warner-chilcott-deal.html|title=Actavis Lowers Tax Rate to 17% After Warner Chilcott Deal|author=Drew Armstrong|work=Bloomberg.com|date=2013-05-21}}

==Forest Laboratories acquisition==

On July 1, 2014, Actavis announced that it had completed its acquisition of Forest Laboratories (who previously acquired, Furiex Pharmaceuticals Inc and Aptalis Pharma) in a cash and equity transaction valued at approximately $25 billion.{{cite news|url=https://www.bloomberg.com/news/articles/2014-02-18/actavis-to-buy-forest-laboratories-for-25-billion|title=Actavis to buy Forest Laboratories for 25 billion|work=Bloomberg | first=David|last=Wainer|date=2014-02-18}} Following the acquisition, the company restructured its executive leadership, with Paul Bisaro being named Executive Chairman, and Brent Saunders being appointed CEO and President of the combined organization.{{cite web|url=http://www.genengnews.com/gen-news-highlights/actavis-deal-s-a-dandy-for-activist-icahn/81249520/|title=GEN - News Highlights:Actavis Deal's a Dandy for Activist Icahn|work=GEN}}

==Allergan Inc acquisition and Actavis PLC name change==

In November 2014, Actavis PLC announced its intention to acquire Allergan Inc, the manufacturer of Botox.{{cite news|url=https://www.bbc.com/news/business-30084329|title=BBC News - Actavis to buy Botox-maker Allergan $66bn|work=BBC News|date=17 November 2014 }} Completion of the deal would increase its market capitalization to $147 billion.{{cite news|url=https://www.bloomberg.com/news/2014-11-17/actavis-surges-to-top-drugmaker-ranks-with-plan-to-broaden-sales.html|title=Actavis Surges to Top Drugmaker Ranks With Acquisitions|author=Caroline Chen|work=Bloomberg.com|date=2014-11-17}}{{cite news|url=https://blogs.wsj.com/cfo/2014/11/17/the-morning-ledger-actavis-could-again-evade-treasurys-grasp-for-post-inversion-tax-break/|title=The Morning Ledger: Actavis Could Again Evade Treasury's Grasp for Post-Inversion Tax Break|work=WSJ | first=James|last=Willhite|date=2014-11-17}} On March 17, 2015, Actavis PLC completed the acquisition of Allergan Inc in a cash and equity transaction valued at approximately $70.5 billion. The combination created a $23 billion diversified global pharmaceutical company with commercial reach across 100 countries. In June 2015, Actavis PLC officially changed its name to Allergan PLC.{{cite web|title=Actavis plc is now Allergan plc|url=http://www.actavis.com/NEWS/News/Thomson-Reuters/Actavis-plc-is-now-Allergan-plc|access-date=16 June 2015|archive-url=https://web.archive.org/web/20160505122057/http://www.actavis.com/NEWS/News/Thomson-Reuters/Actavis-plc-is-now-Allergan-plc|archive-date=5 May 2016|url-status=dead}}

{{clade | style=font-size:90%;line-height:110% |thickness=0

|label1=Teva Pharmaceuticals

|1= {{clade

|label1=Actavis, PLC

|1= {{clade

|label1=

|1=Auden Mckenzie Holdings Limited
(Acq. 2015 by Actavis)

|2= {{clade

|label1=

|1=Durata Therapeutics
(Acq. 2014 by Actavis)

|3= {{clade

|label1=

|1=Forest Laboratories
(Acq. 2014 by Actavis)

|2=Furiex Pharmaceuticals Inc
(Acq. 2014 by Forest)

|3=Aptalis Pharma
(Eurand Pharmaceuticals & Axcan Pharma merged 2011,
Acq. 2014 by Forest)

|4= {{clade

|label1=

|1=Galen
(Acq. 2013 by Actavis)

|2=Warner Chilcott PLC
(Acq. 2000 by Galen, adopted Warners name)

|3=Procter & Gamble's prescription drug unit
(Acq. 2009 by Warner)

|5= {{clade

|label1=

|1=Watson Pharmaceuticals

|6= {{clade

|label2=

|1=Andrx Corporation
(Acq. 2006 by Watson)

|label3=

|2=Arrow Group
(Acq. 2009 by Watson)

|label4=

|3=Eden Biodesign
(Acq. by Watson)

|label5=

|4=Specifar Pharmaceuticals S.A.
(Acq. 2011 by Watson)

|label6=

|5=Ascent Pharmahealth Ltd
(Acq. 2012 by Watson)

|label7=

|6=Actavis Group
(Acq. 2012 by Watson, adopted Actavis' name)

}}

|label2= Allergan Inc

|2= {{clade

|1=Kythera Biopharmaceuticals
(Acq. 2015)

|2= {{clade

|1=MAP Pharmaceuticals Inc
(Acq. 2013)

|2= {{clade

|1=Inamed Corporation
(Acq. 2006)

|2= {{clade

|1=Allergan
(Advanced Medical Optics spun off in 2006)

}}

Locations and facilities

=Global headquarters=

The company's global headquarters are located in Dublin, Ireland, and administrative headquarters are located in Parsippany, New Jersey, US.{{cite web|url= http://www.marketwatch.com/investing/stock/act/profile|work=MarketWatch|title=Actavis plc|date=22 May 2023 }}

=Manufacturing facilities=

The company has 40 manufacturing facilities in five continents providing the company with a core leadership position in modified release products, solid oral dosages, transdermals, semi-solids, liquids and injectables. The company's manufacturing facilities are located in Belgium, Brazil, Bulgaria, Canada, China, France, Germany, Greece, Iceland, India, Indonesia, Ireland, Northern-Ireland, Italy, Malta, Puerto Rico, Romania, Singapore, Serbia, Thailand, the UK and the US.{{Citation needed|date=May 2020}}

=Research and development facilities=

Actavis PLC has 27 global R&D facilities focusing on the development of modified release products, solid oral dosages, transdermals, semi-solids, liquids and injectables around the world. The company's R&D facilities are located in Belgium, Bulgaria, China, France, Iceland, Italy, India, Indonesia, Ireland, Japan, Romania, the UK and the US.{{Citation needed|date=May 2020}}

United Kingdom price fixing charges

In December 2016, the company was accused by the Competition and Markets Authority (CMA) of breaking competition law by "abuse of its dominant position" in the UK market and charging excessive and unfair prices".Competition and Markets Authority, [https://www.gov.uk/cma-cases/hydrocortisone-tablets-alleged-excessive-and-unfair-pricing-anti-competitive-agreements-and-abusive-conduct-50277 Hydrocortisone tablets: alleged excessive and unfair pricing, anti-competitive agreements and abusive conduct (50277)], last updated 31 March 2022, accessed 1 June 2023 It was alleged that the company had increased the price of hydrocortisone tablets by more than 12,000% over the course of eight years. It sold about 943,000 packets of the tablets to the National Health Service in 2015. 10 mg hydrocortisone tablets,, which were sold for 79p in April 2008, cost £88 per pack by March 2016; 20 mg hydrocortisone tablets in March 2008 were sold for £1.07, but £102.74 in 2016. From 2008 to 2015, NHS expenditure on the drug rose from £522,000 to £70 million.{{cite news|title=NHS overcharged by 12,000% for hydrocortisone tablets by drug company Actavis, CMA claims|url=https://www.independent.co.uk/news/business/news/nhs-overcharge-drugs-12000-hypercortisone-tablets-actavis-uk-company-a7478711.html |archive-url=https://web.archive.org/web/20161217140918/http://www.independent.co.uk/news/business/news/nhs-overcharge-drugs-12000-hypercortisone-tablets-actavis-uk-company-a7478711.html |archive-date=2016-12-17 |url-access=limited |url-status=live|access-date=16 December 2016|publisher=Independent|date=16 December 2016}} The CMA reported its decision on 31 March 2022, confirming its findings of excessive and unfair prices being charged and anti-competitive agreements preventing the entry of potential competition into the market.{{OGL-attribution|Competition and Markets Authority, [https://assets.publishing.service.gov.uk/media/624597bbe90e075f0b5a3da4/Case_50277_Decision.pdf Decision: Hydrocortisone tablets. Excessive and unfair pricing and Anti-competitive agreements], published 31 March 2022, accessed 1 June 2023}}

In popular culture

Due to their production of "Promethazine With Codeine Cough Syrup", the main ingredient in the recreational drug nicknamed 'lean', the brand has been name-dropped by multiple well known hip-hop artists.{{cite web|title=Future – Thought It Was a Drought|url=https://genius.com/Future-thought-it-was-a-drought-lyrics|publisher=Genius Lyrics|language=en}}{{cite web|title=Frank Ocean – Chanel|url=https://genius.com/Frank-ocean-chanel-lyrics|publisher=Genius Lyrics|language=en}}{{Citation|title=Lil Pump (Ft. Lil Uzi Vert) – Multi Millionaire|url=https://genius.com/Lil-pump-multi-millionaire-lyrics|language=en|access-date=2018-10-08}}{{cite web|title=Big Sean - On The Radar Freestyle|url=https://genius.com/Big-sean-on-the-radar-freestyle-lyrics|publisher=Genius Lyrics|language=en}} Actavis discontinued production of the syrup in 2014.{{cite web|title=Sizzurp Cough Syrup Off the Market|url=https://www.tmz.com/2014/04/23/sizzurp-cough-syrup-off-market-justin-bieber-lean-codeine-actavis|publisher=TMZ|date=April 23, 2014|language=en}} However, Actavis have not ceased production of cough syrup containing hydrocodone and homatropine. Many rappers, such as Migos, Chief Keef and Future, mention Actavis cough syrup in their music.

References

External links

{{OpenCorp|Actavis}}

Category:Companies formerly listed on the New York Stock Exchange

Category:Companies based in Morris County, New Jersey

Category:Parsippany-Troy Hills, New Jersey

Category:Pharmaceutical companies based in New Jersey

Category:1984 establishments in Illinois

Category:Pharmaceutical companies established in 1984

Category:Manufacturing companies based in Dublin (city)

Category:Generic drug manufacturers

Category:Tax inversions

Category:Pharmaceutical companies of Ireland

Category:2016 mergers and acquisitions