Retina Today - Q&A with Actavis and Allergan CEOs Following Blockbuster Deal (November/December 2014)

摘要

On November 17, in what would be the yeara??s largest acquisition in any industry, Actavis announced plans to acquire Allergan for $66 billion in cash and stock. Actavis, a specialty and generic drug maker, said it would pay $219 per Allergan share, made of about 60% in cash and the rest in Actavis stock. Although the transaction is still subject to the approval of shareholders of both companies, as well as regulatory clearances, the combination, if approved, will create 1 of the top 10 global pharmaceutical companies by sales revenue, with combined annual pro forma revenues of more than $23 billion anticipated in 2015. Days after the deal was announced, Actavis President and CEO Brent Saunders, and Allergan Chairman and CEO David Pyott, spoke with Stephen Daily, Executive Editor, News, at Bryn Mawr Communications, to answer a variety of questions related to the deal, including reaction to the long and aggressive hostile takeover bid for Allergan by Valeant Pharmaceuticals International. Stephen Daily: Thank you both for joining me today. Brent, Actavis announced that it is going to pay $219 a share, which comes to about $66 billion in cash and stock for Allergan. That is about $85 a share more than the value of Allergan stock before the company was targeted earlier this year. Can you talk about what factors went into determining that price, and what assets Allergan posseses to justify that price? Brent Saunders: Allergan is the best company in our sector. This is a company that has performed in the top quartile of performance for the past 15 years. It is a company with probably the most talented people in the sectors in which they compete. It holds leadership positions in all the therapeutic categories in which it competes. It has a terrific research and development [R&D] pipeline and a portfolio of products that have great innovation and long lives. The industrial logic and strategic rationale for putting our 2 companies together was incredibly compelling. I think the price we paid is a fair price, but I think it is a value. It is a price that creates value for Actavis and Allergan shareholders for the long term. Mr. Daily: David, I will ask you the same question. From your perspective, what factors were considered by you and your team when deciding to move forward with the Actavis offer? David Pyott: I think 1 very important thing when we talk about value is, we believe that the unaffected stock price before Pershing Square started accumulating sharesa??from our point of view, illegally, and we are continuing with our insider trading lawsuit against Pershing Squarea??was about $123 to $124. In the world of mergers and acquisitions, companies pay a premium over a trading price. I think it is important to talk about the fact that we realized that top performance, and that was very much part of our plan to defend ourselves: to realize value not just for our stockholders, but to take care of the interests of our other stakeholders. This year [2014] was the best year in terms of sales growth in our 64-year history. In the second quarter, on a local currency basis, the company grew 16%. In the third quarter, it was even better, 18%. Echoing what Brent has said, we are a very high-performing company, which makes us extremely valuable. I think it is also very clear that we are the fastest growing integrated eye care company in the world, per IMS Health, growing about 14% in market worldwide. That is in excess of the world market growing at about 9% or 10%. In fact, double the speed of some of our major fully integrated competitors. That is the background. In terms of how did we end up with Actavis, first of all, we had to come to a price that was a fair price for Allergan stockholders, but also a price that works for Actavis stockholders. We are very integrated now in our view, because, beyond the cash component of the transaction, we also h

机译：11月17日，Actavis宣布了以660亿美元现金加股票收购Allergan的计划，这将是该年度任何行业中最大的一笔收购。一家特种和非专利药生产商Actavis表示，将以每股Allergan的价格支付219美元，其中约60％为现金，其余为Actavis股票。尽管该交易仍需获得两家公司股东的批准以及监管部门的批准，但该合并案如果获得批准，将创造按销售额计算的全球十大制药公司之一，合并后的年度备考收入将超过预计在2015年将达到230亿美元。在交易达成后的几天，阿塔维斯公司总裁兼首席执行官布伦特·桑德斯（Brent Saunders）和艾尔建董事长兼首席执行官大卫·皮约特（David Pyott）与Bryn Mawr Communications新闻执行副总裁史蒂芬·戴伊·斯蒂芬（Stephen Daily）进行了交谈，回答了各种相关问题该交易，包括对Valeant Pharmaceuticals International对Allergan长期而积极的敌意收购的反应。 Stephen Daily：谢谢你们俩今天加入我。阿特维斯公司布伦特原油公司宣布，将以每股219美元的价格收购艾尔建（Allergan），这相当于以现金和股票形式支付约660亿美元。这比该公司今年早些时候成为目标公司之前，Allergan股票的价值高出每股约85美元。您能否谈谈决定价格的因素是什么，艾尔建拥有的资产证明价格合理？布伦特·桑德斯（Brent Saunders）：艾尔建（Allergan）是我们行业中最好的公司。这是一家在过去15年中表现最出色的公司。这家公司可能是其竞争所在领域中最有才能的人。它在竞争的所有治疗类别中均处于领导地位。它拥有出色的研发[R＆D]渠道和具有强大创新能力且使用寿命长的产品组合。将我们两家公司放在一起的行业逻辑和战略原理令人信服。我认为我们支付的价格是公平的价格，但我认为这是一个价值。从长远来看，这个价格可以为阿塔维斯和艾尔建股东创造价值。戴利先生：我会问你同样的问题。从您的角度来看，您和您的团队在决定采用Actavis报价时考虑了哪些因素？大卫·皮约特（David Pyott）：我认为当谈到价值时，一件非常重要的事情是，我们认为，在潘兴广场（Pershing Square）开始积累股份之前，未受影响的股价从我们的角度来看是非法的，并且我们仍在继续针对潘兴的内幕交易诉讼Squarea ??大约是$ 123至$ 124。在并购领域，公司要付出比交易价高的溢价。我认为重要的是要谈论这样一个事实，即我们认识到了最高绩效，这是我们捍卫自己的计划的重要组成部分：不仅为股东实现价值，而且还要照顾其他利益相关者的利益。就我们64年的历史而言，2014年是销售增长最好的一年。在第二季度，按当地货币计算，该公司增长了16％。第三季度甚至更好，为18％。与布伦特所说的一样，我们是一家非常出色的公司，这使我们变得非常有价值。我认为，很明显，根据IMS Health，我们是全球增长最快的综合眼保健公司，在全球市场上增长了约14％。这超过了以约9％或10％增长的世界市场。实际上，是我们一些主要的完全整合竞争对手的速度的两倍。那是背景。关于我们如何最终获得阿塔维斯股份，首先，我们必须得出的价格对艾尔建股东来说是一个公平的价格，但对阿塔维斯股东来说是一个有效的价格。我们认为我们现在已经非常整合，因为除了交易的现金部分之外，我们还

Retina Today - Q&A with Actavis and Allergan CEOs Following Blockbuster Deal (November/December 2014)

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