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Reference no. 316-0191-1B
Compact case
Published by:
London Business School (2018)
September 2018
Revision date:
3 pages
Data source:
Field research


This is part of a case series. This case series charts the evolution of the hostile battle for Allergan and its ultimate sale to a white knight, Actavis. David Pyott had been the CEO of Allergan since January 1998, only the third CEO in the company's 60+ year history. Allergan was primarily known for Botox, the aesthetic anti-wrinkle product, but the company, which had started out in eye care, had developed Bottox into a USD2 billion multipurpose drug. By 2014 the company, which enjoyed double digit growth, had over 11,000 employees, sold its products in 100 countries and had 40 direct / selling subsidiaries. The business mix included eye care, neurosciences, medical aesthetics, medical dermatology, breast aesthetics and urologics. R&D was the backbone of the company and it had strong cash reserves. In April 2014, it came as a shock to Pyott and the Allergan board that pharma company Valeant in partnership with Pershing Square Capital Management to make a hostile takeover of Allergan.


Merger and acquisition; Leadership; Hostile takeover; Crisis management; Motivation; Strategy
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