Allergan

Watson Pharmaceuticals

In the spring of 1983, colleagues Allen Chao and David Hsia formed Watson Pharmaceuticals, a small drug development company with funding from friends and family. The founders established an initial product development and analytical laboratory with four other employees in a leased space in Libertyville, Illinois.

In late fall of 1983, the company moved to a 2,000-square-foot leased facility in Corona, California and began the development and manufacturing of generic pharmaceuticals.

In 1993, the company became a public company via an initial public offering.

In 2011, the company moved its corporate headquarters from Corona, California to Parsippany-Troy Hills, New Jersey.^[2]

On October 31, 2012, Watson acquired Actavis for €4.25 billion and took the Actavis name.^[3]

On October 1, 2013, Actavis acquired Warner Chilcott.^[4]

Allergan, Inc.

Logo used for the original Allergan until the merger with Actavis in 2015

Allergan headquarters in Irvine

In 1950, pharmacist Gavin S. Herbert established Allergan Pharmaceuticals, Inc. Allergan focused on the discovery and development of novel formulations for specialty markets, as well as intimate collaboration with physicians and the scientific community. In 1953, Allergan produced eye drops and formulated new products such as the first cortisone eye drop to treat allergic inflammation and the first ophthalmic steroid decongestant.

In 1970, the company became a public company via an initial public offering. In 1980, it was acquired by SmithKline Beckman for $259 million in 1980. In 1989, Allergan was spun-off by SmithKline Beckman.^[5]

In 1998, David E.I. Pyott became chief executive officer of the company, a position he held until the merger in 2015.

In July 2002, the company spun off its ophthalmic surgical and contact lens care businesses into Advanced Medical Optics (now Abbott Medical Optics).^[6]

In 2003, Allergan's flagship product, Botox (Botulinum toxin), was the focus of a high-profile lawsuit and media scrutiny.^[7]

On March 1, 2013, the company acquired MAP Pharmaceuticals for approximately $958 million.^[8] In December, the company sold its obesity intervention business to Apollo Endosurgery, for a cash payment of $75 million and $15 million of stock.^[9]

Merger of Actavis and Allergan

On March 17, 2015, Actavis acquired the original Allergan.^[10] In June 2015, the company took the Allergan name.^[11]

2015: Abandoned merger with Pfizer

On July 7, 2015, the company acquired the rights to the late stage CGRP migraine portfolio of Merck & Co, as well as two experimental drugs (MK-1602 and MK-8031) for an upfront payment of $250 million.^[12] On August 10, the company acquired Oculeve for $125 million.^[13] On August 31, the company acquired Naurex for an upfront payment of $560 million.^[14] On October 19, the company acquired AqueSys, developer of ocular implants that reduce intraocular pressure associated with glaucoma, for an initial payment of $300 million.^[15] On October 1, the company acquired Kythera Biopharmaceuticals, a company focused on the medical aesthetics market, for $2.1 billion.^[16] On November 4 the company announced the acquisition of Northwood Medical Innovation, developer of earFold, a medical device to correct protruding ears.^[17] On November 25, 2015, the company announced it would partner with Rugen Therapeutic to develop new therapies for autism spectrum disorder, rabies and obsessive compulsive disorder.^[18]

On November 23, 2015, Allergan and Pfizer announced their intention to merge in a $160 billion transaction, the largest pharmaceutical deal and the third largest merger in history.^[19] On April 5, 2016, after the Obama administration announced its plan to ban tax inversions, Pfizer terminated the acquisition and paid Allergan a $150 million breakup fee.^[20]

2016: Sale of Actavis Generics to Teva

On April 6, 2016, the company announced it would partner with Heptares Therapeutics in a deal valued up to $3.3 billion to collaborate on the development of a subtype-selective muscarinic agonists for Alzheimer's disease and other major neurological disorders.^[21] On April 21, the company announced the acquisition of Topokine Therapeutics for at least $85 million, gaining the phase IIb/III compound XAF5 - a treatment for dermatochalasis.^[22] On August 2, the company sold its generic drugs business to Teva Pharmaceutical Industries for $33.4 billion and 100.3 million shares of Teva.^[23] On August 11, the company announced the acquisition of ForSight VISION5 for more than $95 million.^[24] On September 6, the company acquired RetroSense Therapeutics for more than $60 million, gaining the positive photosensitivity gene therapy treatment, RST-001. RST-001 is to be used in retinas in which rod and cone photoreceptors have degenerated over time, causing in increase in the sensitivity of light hitting the retina.^[25] On September 20, the company announced the acquisition of Tobira Therapeutics for $1.695 billion^[26] and, a day later, the acquisition of Akarna Therapeutics for $50 million.^[27] On October 3, the company sold Anda, its generic drug distribution business, to Teva for $500 million.^[28] On October 25, the company acquired Vitae Pharmaceuticals, focused on dermatology treatments, for $639 million.^[29] On October 27, the company announced it would acquire Motus Therapeutics, a developer of treatments for gastrointestinal disorders, for $200 million.^[30] On November 22, 2016, the company acquired Chase Pharmaceuticals for an upfront payment of $125 million.^[31]

2017: Continuation of bolt-on acquisitions

On February 1, 2017, the company acquired LifeCell, a specialist in regenerative medicine, for $2.9 billion.^[32] On April 28, the company acquired Zeltiq Aesthetics, marketer of a cryolipolysis procedure, for $2.4 billion.^[33] On June 7, the company announced the acquisition of Keller Medical, a company that manufactures devices for use during breast augmentation surgery.^[34] On December 12, the company announced the acquisition of Repros Therapeutics, a developer of drugs for reproductive system diseases.^[35]

2018: Opioid epidemic

In 2018, along with several other drug manufacturers and distributors, the company was sued by several municipalities and states in the U.S. due to the manufacture by the company of opioids, which have been abused in what is known as the opioid epidemic.^[36][37]