, Columnist
Allergan Promises a New Look
But its 'growth pharma' model is relatively untested.
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For a company that has aggressively forged its own M&A-driven destiny, Allergan has lately been at the mercy of others. That's about to change.
Unfavorable comparisons to Valeant have battered its shares. The U.S. Treasury Department ended its engagement with Pfizer. And it has had to wait since last July for Teva to finally close a $40.5 billion purchase of its generics business. If that deal happens as expected in June, then Allergan's future will be firmly back in CEO Brent Saunders' hands. So will an estimated $36 billion in deal proceeds.