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BUSINESS
October 3, 2012 | Bloomberg News
Allergan Inc. won't seek U.S. clearance to sell its popular Lap-Band stomach shrinking device to an increasing population of obese teenagers. In the wake of congressional criticism and lawsuits, the Irvine, California-based company has decided to shelve any plans for marketing its Lap-Band device to adolescents, among the fastest-growing group of obese Americans. Health advocacy groups have warned about the surgery's safety and its effect on a young person's developing body. And a 2011 Archives of Surgery study found that almost half of adult patients who had gastric banding had the device removed following infections and other complications.
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BUSINESS
April 23, 2014 | By Stuart Pfeifer
Allergan Inc., the Irvine company that makes Botox, has adopted a "poison pill" defense that could make it more difficult for Canadian company Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman to force through a takeover bid. The company's "stockholder rights plan" would allow existing shareholders to buy Allergan stock at a steep discount if any single investor acquires more than 10% of its shares. The move prevents Ackman, who disclosed earlier this week that he had acquired 9.7% of Allergan's shares, from significantly increasing his holding.
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BUSINESS
October 30, 2012 | By Stuart Pfeifer
Allergan Inc. is considering selling its Lap-Band weight-loss unit amid rapidly declining sales and a swarm of negative publicity about patient deaths and a criminal investigation of one of its former customers. Word of the potential sale came the same day the company disclosed that sales of the Lap-Band fell for the fifth consecutive quarter. The company reported $37.4 million in Lap-Band sales for the third quarter of 2012, a 25% decline from one year ago and 53% less than it sold in the third quarter of 2008.
BUSINESS
April 22, 2014 | By Stuart Pfeifer
Allergan Inc., the Irvine company that makes popular wrinkle treatment Botox, acknowledged Tuesday that it has received a buyout offer from Valeant Pharmaceuticals International Inc. The company said the offer from the Canadian drug maker was unsolicited. Valeant is partnering with hedge fund manager Bill Ackman in the deal. In a news release, Allergan said its board of directors "will carefully review and consider the proposal and pursue the course of action that it believes is in the best interests of the company's stockholders.
BUSINESS
February 17, 2011 | By P.J. Huffstutter and Andrew Zajac, Los Angeles Times
Pharmaceutical giant Allergan Inc. stands to win big from the federal government's decision to make Lap-Band weight-loss surgery available to more overweight Americans. The Food and Drug Administration on Wednesday cleared the way for marketing the procedure to patients who are significantly less obese than those who qualify now ? a decision that would make an estimated 26.4 million more Americans eligible to consider the Irvine company's device. The approval also means that, according to company officials, 45.6 million Americans meet the criteria for Lap-Band surgery.
BUSINESS
October 19, 1997 | Dow Jones
Allergan Inc. and Peptech Ltd. in England have terminated their agreement to develop a psoriasis treatment. Irvine-based Allergan, an eye-care products company, said Peptech has determined that further work is required to assess the optimal treatment regimen for the product, GMDP.
BUSINESS
May 8, 2008 | From Times Wire Services
Allergan Inc.'s net income more than doubled in the first quarter as sales accelerated outside the U.S. for the wrinkle remover Botox. Demand cooled in the U.S., and the company blamed the economy. Net income increased to $111.4 million, or 36 cents a share, from $43.8 million, or 14 cents, a year earlier, the company said. Revenue grew 23% to $1.08 billion, bolstered by converting overseas sales in other currencies to the dollar. Irvine-based Allergan sells cosmetic and medical products including breast implants, surgical devices to remedy obesity and a treatment for overactive bladders.
BUSINESS
March 3, 2013 | By Stuart Pfeifer, Los Angeles Times
The company: Allergan Inc. Headquarters: Irvine Ticker: AGN Employees: 10,800 Leadership: David E.I. Pyott, chief executive since 1998 Revenue: $5.8 billion in 2012 Net income: $1.1 billion in 2012 Stock price: $108.60 at Friday's close 52-week range: $81.28 to $109.31 P/E ratio: 22.8 based on 2013 estimated earnings Annual dividend: 5 cents, a current yield of about...
BUSINESS
February 5, 2013 | By Chad Terhune
Allergan Inc. said it expects to sign a deal to sell its troubled Lap-Band weight-loss unit in the first half of this year as the Irvine company pursues growth from other products and recent acquisitions. The Botox maker, which had previously disclosed it was considering a sale of its "obesity intervention" business, updated investors on that process Tuesday when it announced fourth-quarter results. Allergan said it would consider offers for the weight-loss business and predicted it would sign a sales agreement in the first half of 2013.
BUSINESS
February 2, 2012 | By Stuart Pfeifer
Irvine-based Allergan Inc. said it will no longer sell its Lap-Band weight-loss device to companies affiliated with the 1-800-GET-THIN marketing company. The move comes amid state and federal investigations of surgery centers affiliated with the ad campaign. Five Southern California patients have died since 2009 following Lap-Band surgeries at clinics affiliated with 1-800-GET-THIN, according to lawsuits, autopsy reports and other public records. The California Department of Insurance is investigating the surgery centers for alleged insurance fraud, said David Althausen, a spokesman for the state agency.
BUSINESS
April 22, 2014 | By Stuart Pfeifer
Canadian company Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman moved forward with their plans to acquire Botox maker Allergan Inc., offering shareholders about $46 billion and touching off what could be a contentious fight. Several industry analysts said they expect Allergan to reject the offer as too low, and said a fierce boardroom battle may be on the horizon. An issue certain to alarm Allergan is Valient's announced plans to slash research and development spending at the Irvine company.
BUSINESS
April 22, 2014 | By Stuart Pfeifer
Activist investor Bill Ackman and his unlikely Canadian partner, Valeant Pharmaceuticals International Inc., unveiled details of their bid for Irvine pharmaceutical company Allergan Inc., which makes the popular Botox wrinkle treatment. Valeant will offer to pay $48.30 in cash and 0.83 shares of stock in its company for each share of Allergan stock. At Monday's closing price, the deal would be worth about $152.89 per share, or $45.6 billion. Shares of Allergan were up 14% at about $162.50 Tuesday morning, a sign that investors may want more for the company than Valeant and Ackman are offering.
BUSINESS
April 21, 2014 | By Stuart Pfeifer
Activist investor Bill Ackman is partnering with a Canadian pharmaceutical company in an effort to buy Allergan Inc., the Irvine company that makes the popular wrinkle treatment Botox. Ackman and Valeant Pharmaceuticals International Inc. have already acquired nearly 10% of Allergan's shares and will soon offer to purchase the company, Ackman and Valeant said Monday in a regulatory filing. News of the likely bid increased the stock price of both companies. In after-hours trading, investors drove up Allergan as much as 21% and Valeant by 10%. No formal offer was made Monday, but there was speculation about how much Allergan could fetch.
BUSINESS
March 3, 2013 | By Stuart Pfeifer, Los Angeles Times
The company: Allergan Inc. Headquarters: Irvine Ticker: AGN Employees: 10,800 Leadership: David E.I. Pyott, chief executive since 1998 Revenue: $5.8 billion in 2012 Net income: $1.1 billion in 2012 Stock price: $108.60 at Friday's close 52-week range: $81.28 to $109.31 P/E ratio: 22.8 based on 2013 estimated earnings Annual dividend: 5 cents, a current yield of about...
BUSINESS
February 5, 2013 | By Chad Terhune
Allergan Inc. said it expects to sign a deal to sell its troubled Lap-Band weight-loss unit in the first half of this year as the Irvine company pursues growth from other products and recent acquisitions. The Botox maker, which had previously disclosed it was considering a sale of its "obesity intervention" business, updated investors on that process Tuesday when it announced fourth-quarter results. Allergan said it would consider offers for the weight-loss business and predicted it would sign a sales agreement in the first half of 2013.
BUSINESS
January 23, 2013 | Bloomberg News
Allergan Inc., the Irvine maker of the wrinkle filler Botox, agreed to buy a Silicon Valley pharmaceutical company in a deal valued at $958 million to gain an experimental inhalable migraine treatment. Allergan will pay Map Pharmaceuticals Inc. investors $25 a share, a 60% premium over Tuesday's closing price of $15.58 in New York, the companies said in a statement. The deal was unanimously approved by the boards of both companies and is expected to close late in the first quarter or in the second quarter, the companies said.
BUSINESS
July 31, 2008 | From Times Wire Services
Allergan Inc., maker of the wrinkle smoother Botox, said second-quarter profit rose 6.9% as overseas sales of facial treatments and prescription eye-care products helped the Irvine company weather a slowing U.S. economy. Net income increased to $147.3 million, or 48 cents a share, from $137.8 million, or 45 cents, a year earlier. Adjusted profit of 63 cents a share matched analysts' estimates. Revenue climbed 20% to $1.17 billion, topping the average estimate of $1.14 billion in a Bloomberg survey.
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