- Will join Actavis as Senior Vice President,
Global Brands R&D Following close of the acquisition of Forest
–
- Proven Development Track Record in Key
Therapeutic Categories including Women’s Health, Psychiatric and
Cardiovascular –
- Expertise in Development of Biologic
Medicines –
Actavis plc (NYSE:ACT) and Forest Laboratories, Inc. (NYSE:FRX)
today announced that C. David Nicholson, PhD will be appointed
Senior Vice President, Actavis Global Brands R&D following the
close of Actavis’ planned acquisition of Forest. In this role, Dr.
Nicholson will lead the global teams focused on developing Actavis’
significantly expanded branded R&D portfolio, as well as
defining long-term product development strategies and
collaborations. Dr. Nicholson will join Actavis effective August 4,
2014 and will report to Robert Stewart, who will become the Chief
Operating Officer of Actavis following the close.
"David is a seasoned R&D leader who has transformed
organizations into drug development powerhouses,” said Brent
Saunders, Chief Executive Officer and President at Forest
Laboratories. “He brings an exceptional track record spanning more
than 30 years in the industry to this critical brand product
development position within the new Actavis. His expertise in the
development of a diverse portfolio of products including treatments
in women's health, psychiatry, cardiovascular, anesthesiology and
immunology, matches exceptionally well with our current portfolio,
as well as our therapeutic category focus. He also brings expertise
in the development of biological products to our organization.
David is the ideal leader for our development-focused branded
R&D organization, and we look forward to his contributions in
maximizing the value of our existing pipeline, while continuing to
expand our development portfolio in key therapeutic areas.”
"The ability to recruit such an exceptionally talented executive
to our combined company demonstrates the breadth and strength of
our development portfolio and scientific capacity, and a commitment
to our development-focused approach for creating innovative branded
pharmaceuticals," said Paul Bisaro, Chairman and Chief Executive
Officer of Actavis. “David's experience working in the U.S., UK,
Germany and the Netherlands, as well as leading a team of 2,400
colleagues in sites around the world also gives him a unique
understanding of the global clinical and regulatory environment
that will help us develop specialty pharmaceuticals not only for
the U.S., but also for the expanded global commercial footprint of
our combined company. His background will be critical in advancing
our near- and mid-term pipeline, including new exclusive product
opportunities, as well as defining a robust portfolio of
next-generation products.”
Prior to his current role as Chief Technology Officer, Executive
Vice President R&D of Bayer Crop Sciences, Dr. Nicholson was
the head of R&D at Organon before its acquisition by
Schering-Plough. While at Organon, his teams developed an
impressive array of specialty pharmaceutical products including
Saphris and Remeron in CNS; NuvaRing, Implanon, Elonva and NOMAC/E2
in Women's Health; Bridion and Zemuron in anesthesia; and Arixtra
in cardiovascular. Dr. Nicholson’s teams also had a pioneering role
in the discovery of MK-3475, an immuno-oncology PD1 inhibitor
project that is now in phase 3 trials at Merck.
At Bayer Crop Sciences, Dr. Nicholson leads a team of
approximately 4,000 scientists globally in the development of
next-generation agrochemicals and seeds. Dr. Nicholson also served
as the Senior Vice President, Licensing and Knowledge Management at
Merck and Senior Vice President, Global Project Management and Drug
Safety at Schering-Plough. He began his career at Beecham-Wulfing
in Germany.
Dr. Nicholson serves on the Board of Directors of Actinium and
Transparency. He earned a PhD in Pharmacology from University of
Wales and a BSc in Pharmacology from Manchester University.
About Actavis
Actavis plc (NYSE:ACT) is a global, integrated specialty
pharmaceutical company focused on developing, manufacturing and
distributing generic, brand and biosimilar products. Actavis has
global headquarters in Dublin, Ireland and U.S. administrative
headquarters in Parsippany, New Jersey, USA.
Actavis develops and manufactures generic, brand, branded
generic, legacy brands and Over-the-Counter (OTC) pharmaceutical
products and has commercial operations in approximately 60
countries. The Company’s North American branded pharmaceuticals
business is focused principally in the Women’s Health, Urology,
Gastroenterology and Dermatology therapeutic categories with a
strong pipeline of products in various stages of development.
Actavis also has a portfolio of five biosimilar products in
development in Women's Health and Oncology. Actavis Global
Operations has more than 30 manufacturing and distribution
facilities around the world, and includes Anda, Inc., a U.S.
pharmaceutical product distributor.
For press release and other company information, visit Actavis'
Web site at http://www.actavis.com.
About Forest
Forest Laboratories (NYSE:FRX) is a leading, fully integrated,
specialty pharmaceutical company largely focused on the United
States market. Forest markets a portfolio of branded drug products
and develops new medicines to treat patients suffering from
diseases principally in five therapeutic areas: central nervous
system, cardiovascular, gastrointestinal, respiratory, and
anti-infective. Forest’s strategy of acquiring product rights for
development and commercialization through licensing, collaborative
partnerships and targeted mergers and acquisitions allows Forest to
take advantage of attractive late-stage development and commercial
opportunities, thereby managing the risks inherent in drug
development. In January 2014, Forest acquired Aptalis
Pharmaceuticals for $2.9 billion in cash in order to gain access to
its GI and Cystic Fibrosis products, including treatments for
Ulcerative Proctitis, Duodenal Ulcers, H. Pylori, Anal Fissures,
and Pancreatic Insufficiency. In February 2014, Forest and Actavis
plc announced an agreement where Forest would be acquired for about
$25 billion in cash and stock. The acquisition of Forest by Actavis
is contingent upon regulatory approvals and other customary closing
conditions.
Forest is headquartered in New York, NY. To learn more, visit
www.frx.com.
Important Information for Investors and Shareholders
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. In connection with the
proposed merger between Actavis and Forest, Actavis has filed with
the Securities and Exchange Commission (the “SEC”) a registration
statement on Form S-4 containing a joint proxy statement of Actavis
and Forest that also constitutes a prospectus of Actavis. The
registration statement was declared effective by the SEC on May 2,
2014. Each of Actavis and Forest has mailed to its stockholders or
shareholders the proxy statement/prospectus. In addition, each of
Actavis and Forest has filed and will file with the SEC other
documents with respect to the proposed transaction. INVESTORS AND
SECURITY HOLDERS OF ACTAVIS AND FOREST ARE URGED TO READ THE
DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS
FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Investors and security holders will be able to obtain
free copies of the registration statement and the definitive joint
proxy statement/prospectus and other documents filed with the SEC
by Actavis and Forest through the website maintained by the SEC at
http://www.sec.gov. Copies of the documents filed with the SEC by
Actavis will be available free of charge on Actavis’ internet
website at www.actavis.com or by contacting Actavis’ Investor
Relations Department at (862) 261-7488. Copies of the documents
filed with the SEC by Forest will be available free of charge on
Forest’s internet website at www.frx.com or by contacting Forest’s
Investor Relations Department at (212) 224-6713.
Actavis Cautionary Statement Regarding Forward-Looking
Statements
Statements contained in this communication that refer to
Actavis’ estimated or anticipated future results, including
estimated synergies, or other non-historical facts are
forward-looking statements that reflect Actavis’ current
perspective of existing trends and information as of the date of
this communication. Forward looking statements generally will be
accompanied by words such as “anticipate,” “believe,” “plan,”
“could,” “should,” “estimate,” “expect,” “forecast,” “outlook,”
“guidance,” “intend,” “may,” “might,” “will,” “possible,”
“potential,” “predict,” “project,” or other similar words, phrases
or expressions. Such forward-looking statements include, but are
not limited to, statements about the benefits of the Forest
acquisition, including future financial and operating results,
Actavis’ or Forest’s plans, objectives, expectations and intentions
and the expected timing of completion of the transaction. It is
important to note that Actavis’ goals and expectations are not
predictions of actual performance. Actual results may differ
materially from Actavis’ current expectations depending upon a
number of factors affecting Actavis’ business, Forest’s business
and risks associated with acquisition transactions. These factors
include, among others, the inherent uncertainty associated with
financial projections; restructuring in connection with, and
successful closing of, the Forest acquisition; subsequent
integration of the Forest acquisition and the ability to recognize
the anticipated synergies and benefits of the Forest acquisition;
the ability to obtain required regulatory approvals for the
transaction (including the approval of antitrust authorities
necessary to complete the acquisition), the timing of obtaining
such approvals and the risk that such approvals may result in the
imposition of conditions that could adversely affect the combined
company or the expected benefits of the transaction; the risk that
a condition to closing of the Forest acquisition may not be
satisfied on a timely basis or at all; the failure of the proposed
transaction to close for any other reason; risks relating to the
value of the Actavis shares to be issued in the transaction; the
anticipated size of the markets and continued demand for Actavis’
and Forest’s products; the impact of competitive products and
pricing; access to available financing (including financing for the
acquisition or refinancing of Actavis or Forest debt) on a timely
basis and on reasonable terms; the risks of fluctuations in foreign
currency exchange rates; the risks and uncertainties normally
incident to the pharmaceutical industry, including product
liability claims and the availability of product liability
insurance on reasonable terms; the difficulty of predicting the
timing or outcome of pending or future litigation or government
investigations; periodic dependence on a small number of products
for a material source of net revenue or income; variability of
trade buying patterns; changes in generally accepted accounting
principles; risks that the carrying values of assets may be
negatively impacted by future events and circumstances; the timing
and success of product launches; the difficulty of predicting the
timing or outcome of product development efforts and regulatory
agency approvals or actions, if any; market acceptance of and
continued demand for Actavis’ and Forest’s products; costs and
efforts to defend or enforce intellectual property rights;
difficulties or delays in manufacturing; the availability and
pricing of third party sourced products and materials; successful
compliance with governmental regulations applicable to Actavis’ and
Forest’s facilities, products and/or businesses; changes in the
laws and regulations affecting, among other things, pricing and
reimbursement of pharmaceutical products; changes in tax laws or
interpretations that could increase Actavis’ consolidated tax
liabilities; the loss of key senior management or scientific staff;
and such other risks and uncertainties detailed in Actavis’
periodic public filings with the Securities and Exchange
Commission, including but not limited to Actavis plc’s Annual
Report on form 10-K for the year ended December 31, 2013, Quarterly
Report on form 10-Q for the quarter ended March 31, 2014 and
Current Report on form 8-K filed on May 20, 2014 and from time to
time in Actavis’ other investor communications. Except as expressly
required by law, Actavis disclaims any intent or obligation to
update or revise these forward-looking statements.
Forest Cautionary Statement Regarding Forward-Looking
Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include, but are not limited to,
statements about the benefits of the acquisition of Forest by
Actavis, including future financial and operating results, Forest’s
or Actavis’ plans, objectives, expectations and intentions and the
expected timing of completion of the transaction. It is important
to note that Forest’s goals and expectations are not predictions of
actual performance. Actual results may differ materially from
Forest’s current expectations depending upon a number of factors
affecting Forest’s business, Actavis’ business and risks associated
with acquisition transactions. These factors include, among others,
the inherent uncertainty associated with financial projections;
restructuring in connection with, and successful closing of, the
acquisition; subsequent integration of the companies and the
ability to recognize the anticipated synergies and benefits of the
acquisition; the ability to obtain required regulatory approvals
for the transaction (including the approval of antitrust
authorities necessary to complete the acquisition), the timing of
obtaining such approvals and the risk that such approvals may
result in the imposition of conditions that could adversely affect
the combined company or the expected benefits of the transaction;
the risk that a condition to closing of the acquisition may not be
satisfied on a timely basis or at all; the failure of the proposed
transaction to close for any other reason; risks relating to the
value of the Actavis shares to be issued in the transaction; access
to available financing (including financing for the acquisition or
refinancing of Forest or Actavis debt) on a timely basis and on
reasonable terms; the difficulty of predicting FDA approvals, the
acceptance and demand for new pharmaceutical products, the impact
of competitive products and pricing, the timely development and
launch of new products, and the risk factors listed from time to
time in Forest Laboratories’ Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and any subsequent SEC filings. Forest assumes
no obligation to update forward-looking statements contained in
this release to reflect new information or future events or
developments.
Actavis:Investors:Lisa DeFrancesco,
862-261-7152orMedia:Charlie Mayr, 862-261-8030orDavid
Belian, 862-261-8141orForest:Investors:Frank J.
Murdolo, 212-224-6714orMedia:Amanda Kaufman,
646-231-7316
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