Scale 2019 Music City is exciting! It is coming really soon and is definitely the place to be. Scale benefits the entire field of dermatology, plastic surgery, oculoplastic surgery, as well as aesthetic physicians, aestheticians and their office staff by providing an annual conference with experts, presentations, speakers and vendors. The opportunity at this conference for this community of providers to interact with each other, learn from each other and share together is completely unmatched.” (Source).
On that vendor list, and one of our Diamond sponsors, is Allergan. This company is a significant force in our field and we are so pleased to have them associated with us – for the benefit of all of our members. Allow us to introduce them and give you a little bit of insight into why we love them so much.
Allergan’s Company History In a Nutshell
Allergan, Inc. was originally formed in 1948 and then incorporated in 1950. In 1970 it became a publicly traded company, on the New York Stock Exchange (AGN). It has been acquired several times but today continues under the name Allergan.
The company’s founder, Gavin S. Herbert, established the company to focus on “the discovery and development of novel formulations for specialty markets, as well as intimate collaboration with physicians and the scientific community. 1953 saw Allergan producing eye drops and formulating new products such as the first cortisone eye drop to treat allergic inflammation and the first ophthalmic steroid decongestant.” (Source). This made the name entirely apropo.
In 1980 SmithKline Beckman acquired the company for what seems like a very small sum today, $259 million. The company was then spun-off in 1989 after making huge profits for its investors. Then, in 2002 its ophthalmic surgical and contact lens care businesses were spun-off, creating Advanced Medical Optics.
The company owns the brand name Botox, the most well known botulinum toxin product.
Allergan, since 2013 has acquired both MAP Pharmaceuticals Inc, and Apollo Endosurgery. Then in 2015 Allergan itself was acquired by Actavis, at a $75 billion dollar value. Activas then took steps to rebrand and change its name to Allergan, making it one of the largest medical/pharmaceutical companies in the world.
Today Allergan owns Kythera Biopharmaceuticals (acquired in 2015), MAP Pharmaceuticals Inc (acquired in 2013), and Inamed Corporation (acquired in 2006). It is still associated with the spin off (2006) Advanced Medical Optics.
Allergan’s Self Identity: A Bold Company
As Pink Sheet Pharma Intelligence reported:
Allergan proudly describes itself as a ‘bold’ company, and its latest move to protect its Restasis franchise certainly qualifies as a reason why. But Allergan’s unlikely position as the industry’s self-appointed leader in social responsibility should make the rest of the industry cringe… Allergan PLC staked out an unlikely position as a leader in corporate responsibility, announcing a “social contract” that included the first formal pledge by a leading biopharma company to restrain price increases in response to headlines and hearings criticizing “outrageous” pricing for older brands.
At the same time, Allergan embraces a new identity as a “bold” company, changing its boilerplate language in press releases to say: “Allergan plc, headquartered in Dublin, Ireland, is a bold, global pharmaceutical company and a leader in a new industry model – Growth Pharma.”
“Bold” replaced “unique” in that sentence.
The company itself describes this on its ‘careers’ page:
A dynamic organization that offers exciting and unique opportunities at all levels. Allergan is a company that will inspire you to aim high with your ambition. Where you can build bridges all over the world. Where you can power ideas that drive change. And where you will act fast and drive results for customers and patients… We’re developing tomorrow’s medicines. We’re passionate about providing treatments to enhance people’s lives. And we aim to succeed in the marketplace while doing it.
Our Bold Culture [means] We are bold for a purpose. It’s more than just a means to achieve growth – its about being bold in what we do and why we do it. Healthcare is changing fast. Every day and in new ways. We address that by being Bold in our actions and Bold for our customers and their patients.
What’s Exciting At Allergan in 2019
Just a couple of days ago the Food and Drug Administration (FDA), as announced by the Allergan on March 11, 2019, approved an application for a new migraine medication: Ubrogepant. As it moves to market expect it to be a game changer, though less relevant in our field than in general medicine. That said, this is an indication of the types of forward thinking, ground breaking, disruption the company aims at. We look forward to hearing any new announcements from them in May, while we all celebrate the use and successes of their tried and true brands that help us make our practices successful.
To follow the company and their latest news pay attention to Reuters or Yahoo Finance. Both will provide valuable business news, the latest in stock pricing, and any updates on their products and patents that are relevant to our field.