Allergan CEO dismisses talk of acquisitions in Ireland, interested in experimental companies with growth potential
Allergan CEO David Pyott dismissed suggestions that the listed Irvine, California-based pharmaceuticals company should buy an Irish company. Pyott, speaking in San Francisco, said he was not convinced of the merits of what he described as “financial engineering,” according to an Irish Examiner report.
The article cited an analyst who said shareholders have been pressing Pyott to look for an acquisition in Ireland. However, the chief executive said there are no more acquisition opportunities left in Ireland following deals involving Elan and Warner Chilcott, according to the report.
Pyott said Allergan is interested in experimental companies with the potential for growth, including new niche areas.
Separately, the article cited an analyst who said Allergan shareholders have pressed Pyott to look for an acquisition in Ireland to take advantage of the country’s tax advantages.
The analyst said Allergan will look to Europe to acquire allergy companies, naming ALK-Abello A/S of Denmark or French counterpart Stallergenes SA as possible targets. Neither the Danish nor the French markets are crowded, the analyst added.
Source Irish Examiner