DUBLIN, Oct. 28, 2019 /PRNewswire/ -- Allergan plc
(NYSE: AGN), today announced that its subsidiaries, Forest
Laboratories, LLC, Forest Laboratories, Inc. and Forest
Laboratories Holdings Ltd. (collectively "Forest") have reached a
resolution with a plaintiff class of direct purchasers of Namenda,
concluding the previously disclosed direct purchaser class action
litigation in the U.S. District Court for the Southern District of
New York. The settlement makes no
admission of wrongdoing on the part of the company and resolves the
litigation that was scheduled to go to trial in October 2019.
Under the settlement agreements, Forest will pay a total of
$750 million to the direct purchaser
class, subject to finalization of the settlement agreement and
court approval.
In June 2014, Forest became a
wholly owned subsidiary of Actavis plc which thereafter changed its
corporate name to Allergan.
The company will take a pre-tax GAAP charge of $750 million to its third quarter 2019
earnings.
About Allergan
Allergan plc (NYSE: AGN), headquartered in Dublin,
Ireland, is a global
pharmaceutical leader focused on developing, manufacturing and
commercializing branded pharmaceutical, device, biologic, surgical
and regenerative medicine products for patients around the
world. Allergan markets a portfolio of leading brands and
best-in-class products primarily focused on four key therapeutic
areas including medical aesthetics, eye care, central nervous
system and gastroenterology. As part of its approach to delivering
innovation for better patient care, Allergan has built
one of the broadest pharmaceutical and device research and
development pipelines in the industry.
With colleagues and commercial operations located in
approximately 100 countries, Allergan is committed to
working with physicians, healthcare providers and patients to
deliver innovative and meaningful treatments that help people
around the world live longer, healthier lives every day.
For more information, visit Allergan's website
at www.Allergan.com.
Forward-Looking Statements
This communication contains certain forward-looking statements
with respect to a possible acquisition involving AbbVie and
Allergan and AbbVie's, Allergan's and/or the combined group's
estimated or anticipated future business, performance and results
of operations and financial condition, including estimates,
forecasts, targets and plans for AbbVie and, following the
acquisition, if completed, the combined group. The words "believe,"
"expect," "anticipate," "project" and similar expressions, among
others, generally identify forward-looking statements. These
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially from those
indicated in the forward-looking statements. These factors include,
among others, the difficulty of predicting the timing or outcome of
FDA approvals or actions, if any, the impact of competitive
products and pricing, market acceptance of and continued demand for
Allergan's products, the impact of uncertainty around timing of
generic entry related to key products, including RESTASIS®, on our
financial results, risks associated with divestitures,
acquisitions, mergers and joint ventures, risks related to
impairments, uncertainty associated with financial projections,
projected debt reduction, projected cost reductions, projected
synergies, restructurings, increased costs, and adverse tax
consequences, difficulties or delays in manufacturing; risks
related to the proposed transaction, such as, but not limited to,
the possibility that a possible acquisition will not be pursued,
failure to obtain necessary regulatory approvals or required
financing or to satisfy any of the other conditions to the possible
acquisition, adverse effects on the market price of AbbVie's shares
of common stock or Allergan's ordinary shares and on AbbVie's or
Allergan's operating results because of a failure to complete the
possible acquisition, failure to realize the expected benefits of
the possible acquisition, failure to promptly and effectively
integrate Allergan's businesses, negative effects relating to the
announcement of the possible acquisition or any further
announcements relating to the possible acquisition or the
consummation of the possible acquisition on the market price of
AbbVie's shares of common stock or Allergan's ordinary shares,
significant transaction costs and/or unknown or inestimable
liabilities, potential litigation associated with the possible
acquisition, general economic and business conditions that affect
the combined companies following the consummation of the possible
acquisition, changes in global, political, economic, business,
competitive, market and regulatory forces, future exchange and
interest rates, changes in tax laws, regulations, rates and
policies, future business acquisitions or disposals and competitive
developments. These forward-looking statements are based on
numerous assumptions and assessments made in light of Allergan's
experience and perception of historical trends, current conditions,
business strategies, operating environment, future developments and
other factors it believes appropriate. By their nature,
forward-looking statements involve known and unknown risks and
uncertainties because they relate to events and depend on
circumstances that will occur in the future. The factors described
in the context of such forward-looking statements in this
communication could cause AbbVie's plans with respect to Allergan
or Allergan's actual results, performance or achievements, industry
results and developments to differ materially from those expressed
in or implied by such forward-looking statements. Although it is
believed that the expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such
expectations will prove to have been correct and persons reading
this communication are therefore cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this communication. Additional information about
economic, competitive, governmental, technological and other
factors that may affect Allergan is set forth in Allergan's
periodic public filings with the SEC, including, but not limited
to, Allergan's Annual Report on Form 10-K for the year ended
December 31, 2018, Quarterly Report
on Form 10-Q for the quarterly period ended March 31, 2019, Quarterly Report on Form 10-Q for
the quarterly period ended June 30,
2019, and, from time to time, Allergan's other investor
communications, in each case, the contents of which are not
incorporated by reference into, nor do they form part of, this
communication.
Any forward-looking statements in this report are based upon
information available to Allergan and/or its board of directors, as
the case may be, as of the date of this report and, while believed
to be true when made, may ultimately prove to be incorrect. Subject
to any obligations under applicable law, neither Allergan nor any
member of its board of directors undertakes any obligation to
update any forward-looking statement whether as a result of new
information, future developments or otherwise, or to conform any
forward-looking statement to actual results, future events, or to
changes in expectations. All subsequent written and oral
forward-looking statements attributable to Allergan or its board of
directors or any person acting on behalf of any of them are
expressly qualified in their entirety by this paragraph.
CONTACTS:
Allergan:
Investors:
Manisha Narasimhan, PhD
(862) 261-7162
Media:
Lisa Brown
(862) 261-7320
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SOURCE Allergan plc