NEWSspectrum

Actavis to Acquire Allergan

Actavis plc and Allergan, Inc. have entered into a definitive agreement under which Actavis will acquire Allergan for a combination of $129.22 in cash and 0.3683 Actavis shares for each share of Allergan common stock. Based on the closing price of Actavis shares on Nov. 14, 2014, the transaction is valued at approximately $66 billion, or $219 per Allergan share. The combined company will create one of the top 10 global pharmaceutical companies by sales revenue, with combined annual pro forma revenues of more than $23 billion anticipated in 2015, according to the companies. The transaction has been unanimously approved by the boards of directors of both companies and is supported by both management teams.

Brent Saunders, CEO and president of Actavis, will lead the combined company, which will operate out of New Jersey and California. Paul Bisaro, executive chairman of Actavis, will remain executive chairman of the board. Senior management teams of both companies will lead the integration to a single company. Additionally, two members of the Allergan board of directors will be invited to join the Actavis board following the completion of the transaction.

The addition of Allergan’s portfolio, including multiple therapeutic franchises, doubles the revenues of Actavis’ North American Specialty Brands business. On a pro forma basis for full year 2015, the combined company will have three franchises each with annual revenues in excess of $3 billion in ophthalmology, neurosciences/CNS, and medical aesthetics/dermatology/plastic surgery. The specialty product franchises in gastroenterology, cardiovascular, women’s health, urology, and infectious disease treatments will have combined revenues of approximately $4 billion.

Actavis projects that the transaction will generate at least $1.8 billion in annual synergies commencing in 2016, in addition to the $475 million of annual savings previously announced by Allergan. Actavis also plans to maintain annual R&D investment of approximately $1.7 billion, ensuring the appropriate resource allocation to continue driving exceptional organic growth.

The transaction is subject to the approval of the shareholders of both companies as well as to customary antitrust clearance in the United States, the European Union, and certain other jurisdictions. It is anticipated to close in the second quarter of 2015.

Valeant Acquires U.S. Subsidiary Nicox, Inc.

Nicox S.A., an international ophthalmic company, has announced that Valeant Pharmaceuticals International, Inc. has acquired Nicox’s U.S. diagnostics subsidiary, Nicox, Inc., in a deal worth up to $20 million. Nicox intends to concentrate its commercial and development resources on ophthalmic therapeutics as part of its strategy to build an international ophthalmic company in Europe and in the United States.

Under the terms of the agreement, Valeant has acquired Nicox, Inc. for $10 million in cash, plus further cash payments of up to $10 million based upon Valeant achieving certain sales targets with the transferred products. The transaction is effective immediately. Nicox’s operations outside of the United States and its acquisition of Aciex Therapeutics, Inc. in October 2014 are not affected by this transaction. Valeant has acquired most of the Nicox commercial infrastructure in the United States associated with diagnostics, including Sjö and RetnaGene, while Nicox has retained a number of U.S.-based employees focused on therapeutics. Those employees retained by Nicox have transferred to Nicox’s U.S. subsidiary Aciex.

Alcon Launches Online CL Guide

Alcon has launched a web-based Guide to Clinical Contact Lens Management for contact lens practitioners. The guide is available on myalcon.com and provides a compact summary of signs, symptoms, and management options of a broad range of anterior segment and contact lens-related conditions.

The easy-to-use guide has been updated to include more conditions, images, and videos compared to previous print versions. Conditions can be searched by anterior segment anatomy, including cornea, limbus, conjunctiva, and lid, or by the accompanying signs and symptoms. There is also a section specific to contact lens fitting complications.

The guide is edited by Dr. Lyndon Jones, director of the Centre for Contact Lens Research at the University of Waterloo School of Optometry & Vision Science.

ABB Optical Group Honors Lynda Baker

ABB Optical Group recently announced that industry pioneer Lynda Baker retired on Dec. 1, 2014. The executive vice president of ABB Optical, Baker was instrumental in the 2007 merger of ABB Optical and Con-Cise Contact Lens Company, where she began her career in 1965.

Baker started her career as a contact lens technician at Con-Cise before there was a soft contact lens market. One of seven employees, she was responsible for manufacturing hard lenses. As the company grew, her role developed into managing a wide variety of functions within the organization.

In the mid- to late-1970s, Baker spent most of her time managing the company’s soft lens inventory and sales. In 1980, she took an equity and leadership role in the organization as vice president/general manager, and was promoted to executive vice president in 1985.

She has also served as the clinical monitor for the U.S. Food and Drug Administration’s approval of Paragon Vision Sciences’ GP material in 1981; and, in 1987, she served as one of the first members of Ciba Vision’s Authorized Distributor Advisory Board.

Other accomplishments include passing the first National Contact Lens Exam (NCLE) in the late 1970s as well as serving on the board of directors for the Pacific Coast Contact Lens Society for 12 years, including as its first female president. She also taught college-level courses, served on various advisory boards, and won Vision Monday’s Most Influential Women in Optical award in 2005.