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Pfizer to form specialty drugs unit after Allergan takeover

Will merge its consumer portfolio with Allergan's ophthalmology and aesthetics brands

Pfizer

Pfizer is set to create a new operating division - global specialty and consumer brands - after it completes its $160bn acquisition of Allergan later this year.

The new unit will be led by Bill Meury, currently in charge of Allergan's pharmaceutical operations - and will combine Pfizer's consumer health portfolio with Allergan's ophthalmology and aesthetics brands, which include wrinkle treatment Botox.

Pfizer stressed that its pharma business will continue to be run under two over-arching units - innovative products and established products - and the new division will come under the innovative products umbrella.

There has been anticipation for some time that the separation of the two units in 2013 is a precursor to a sale or spin-out of the established products unit, which focuses mainly on generic drugs.

In a statement, Pfizer has confirmed this is still on the cards, but not in the short term –with a decision due "no later than the end of 2018".

The US pharma giant also confirmed the management team for other parts of the combined group, re-iterating that Allergan chief executive Brent Saunders will become president and chief operating officer of the company after the deal goes through. Ian Read will retain his position as CEO of the new company - Pfizer plc.

Albert Bourla - who currently leads Pfizer's vaccines, oncology and consumer segment - will retain control of vaccines and oncology and will add responsibility for the global innovative pharmaceuticals (GIP), replacing Geno Germano.

Meanwhile, Tony Maddaluna will head the global supply operations, Laurie Olson is named executive vice president of strategy and commercial operations and John Young will head the established pharma business - all reporting to Saunders.

Pfizer's merger with Ireland-domiciled Allergan is due to complete in the second half of the year - assuming regulatory approvals - and once completed should reduce the group's corporate tax rate to 17-18%, well below its current level of around 25%.

Read told investors during the company's annual results call earlier this month that he was confident the deal would go through, despite a pledge by the US government to clamp down on 'tax inversion' deals - overseas M&A transactions aimed at reducing corporation taxes.

Article by
Phil Taylor

9th February 2016

From: Sales

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