AbbVie Spins Out New Business Unit Following Completion of $63-Billion Allergan Acquisition

AbbVie announced on Jan. 8, 2020 that it has created a new global business, Allergan Aesthetics, and has appointed a leadership team for the new company, as part of the closing conditions required for its $63-billion acquisition of Allergan. The transaction price is based on the closing price of AbbVie's common stock of $78.45 on June 24, 2019.

This move comes eight months after AbbVie announced the acquisition of Allergan in June 2019. The new business unit and leadership team will be effective upon closing of the acquisition in the first quarter of 2020, according to an AbbVie press release.

Allergan Aesthetics will have its own research and development function under AbbVie’s direction and will house products including Botox Cosmetic, the Juvederm collection of dermal fillers, and Coolsculpting body contouring. Meanwhile, the Eye Care and Specialty businesses-including Botox therapeutics, central nervous system, women's health, and gastrointestinal diseases-will be integrated into the existing AbbVie organization. Several Allergan leaders have accepted leadership positions in the future company across these franchises.

“We are enthusiastic about the potential of the new AbbVie and continue to make significant progress on completing our acquisition of Allergan," said Richard A. Gonzalez, chairman and CEO, AbbVie, in the press release. "Today's announcement marks an important step forward in our plans to create the integrated global company. We are fortunate to have a leadership team with a deep breadth of both industry and company experience and we are excited to welcome the new Allergan leaders to our company.”

Newly appointed members of the Allergan Aesthetics leadership team include:

• Richard A. Gonzalez, chairman and CEO

• Laura Schumacher, vice chairman, External Affairs and chief legal officer

• Michael E. Severino, MD, vice chairman and president (including Research and Development)

• Carlos Alban, vice chairman, chief commercial officer

• Henry O. Gosebruch, executive vice-president, chief strategy officer

• Robert A. Michael, executive vice-president, chief financial officer

• Timothy J. Richmond, executive vice-president, chief human resources officer

• Azita Saleki-Gerhardt, PhD, executive vice-president, Operations

• Carrie Strom, senior vice-president, AbbVie, and president, Global Allergan Aesthetics

Source: AbbVie