Log in
Forgot password ?
Become a member for free
Sign up
Dynamic quotes

school135perm Homepage > Equities > Nyse > Allergan plc AGN IE00BY9D5467

Mes dernières consult.
Most popular
News SummaryMost relevantAll newsSector newsTweets

Allergan : Succession doubts cloud Apotex future after billionaire owner's death

12/22/2017 | 05:34pm CET
A woman cries during a memorial service for Apotex pharmaceutical billionaire Barry Sherman and his wife Honey, days after what police call their suspicious deaths in Toronto

Canadian pharmaceuticals billionaire Barry Sherman failed to implement a succession plan at his Apotex business before his death last week, two business associates told Reuters, potentially leaving it vulnerable to takeover approaches.

The bodies of Sherman, 75, and his wife Honey, 70, were found in their Toronto mansion last week and their deaths are under investigation by Toronto's homicide squad. A memorial service was held on Thursday.

Sherman had always resisted approaches from trade buyers and never wanted to take the generic drugmaker public, the associates said, preferring to keep control and not involve outside shareholders.

Despite stepping down as chief executive in 2012, the self-confessed workaholic continued to work seven-day weeks and twelve-hour days. None of Sherman's four children were interested in running the business and only one had worked at the company, the associates said.

Sherman's son Jonathon, who has a degree in industrial engineering from Columbia University, took at job at the firm after graduating but quit after less than a year.

In an emailed response, Apotex said it had implemented a succession plan when Sherman relinquished the CEO role, with current vice-chairman Jack Kay succeeding him in 2012 before Jeremy Desai took the helm in 2014.

"From that point on until his tragic death, Dr. Sherman was no longer involved in day-to-day operations at Apotex, rather focused on some specific aspects of the business," it said.

Sherman founded Apotex in 1974 and grew it through a strategy of launching hundreds of lawsuits against competitors to overturn patent protection for their drugs. Apotex would then manufacture cheaper identical products that did not carry a brand name.

The company now employs more than 10,000 worldwide with annual sales exceeding C$2 billion ($1.6 billion).

The associates said no formal sales process is underway. Any approach would come as the world's biggest generic drug companies are grappling with declining drug prices and intensifying competition.

Any potential buyer would also require an appetite for litigation, the associates said, since Apotex is regularly involved in legal actions over patents.

And Teva Pharmaceuticals Industries (>> Teva Pharmaceutical Industries Limited) <TEVA.N>, the world's biggest maker of generic drugs, is currently in a legal dispute with Apotex over allegations a former Teva executive shared trade secrets with Apotex CEO Jeremy Desai.

Teva is also weighed by $35 billion in debt it took on to acquire Allergan's (>> Allergan plc) Actavis generic drug business for $40.5 billion last year. Last week it said it would axe 14,000 jobs.

A Teva spokeswoman in Israel had no immediate comment when asked about any takeover plans or the status of its legal case against Apotex.

($1 = 1.2728 Canadian dollars)

(Additional reporting by Ari Rabinovitch in Jerusalem; Editing by Meredith Mazzili)

By Matt Scuffham

Stocks treated in this article : Teva Pharmaceutical Industries Limited, Allergan plc
Latest news on ALLERGAN PLC
12/26ALLERGAN : to Present at the 36th Annual J.P. Morgan Healthcare Conference
12/22ALLERGAN : Acknowledges Appeals Court Decision for COMBIGAN®
12/22ALLERGAN : Succession doubts cloud Apotex future after billionaire owner's death
12/22ALLERGAN : Succession doubts cloud Apotex future after billionaire owner's death
12/21ALLERGAN : VISTABEL Receives Positive Opinion from ANSM for Treatment of Moderat..
12/21ALLERGAN : FDA Accepts NDA For Acne Drug Seysara
12/20ALLERGAN : Receives FDA Clearance For the CoolSculpting® Treatment To Improve Ap..
12/20ALLERGAN : Announces Promotion of Wayne Swanton to Executive Vice President, Glo..
12/20ALLERGAN : and Richter Announce Positive Topline Results from Phase 3 Study of C..
12/19ALLERGAN : VISTABEL® (botulinum toxin type A) Receives Positive Opinion from ANS..
More news
News from SeekingAlpha
12/26Updating The Portfolio And Assessing My 2016 And 2017 Stock Picks
12/26Are Valeant, Ackman 'The Edgar Allan Poe Of Insider Trading'?
12/26YOUR DAILY PHARMA SCOOP : Amgen Plans To Bring Back Cash, Roche Acquires Ignyta,..
12/25Generic Alpha - A Mylan Story
12/24New Patent Ruling Could Doom Allergan's Mohawk Deal
Financials ($)
Sales 2017 15 894 M
EBIT 2017 7 658 M
Net income 2017 -6 486 M
Debt 2017 24 837 M
Yield 2017 1,74%
P/E ratio 2017 -
P/E ratio 2018
EV / Sales 2017 5,00x
EV / Sales 2018 4,97x
Capitalization 54 690 M
Duration : Period :
Allergan plc Technical Analysis Chart | AGN | IE00BY9D5467 | school135perm
Technical analysis trends ALLERGAN PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 224 $
Spread / Average Target 36%
EPS Revisions
Brenton L. Saunders Chairman, President & Chief Executive Officer
Robert A. Stewart Chief Operating Officer
Maria Teresa Hilado Chief Financial Officer
C. David Nicholson Chief Research & Development Officer
Paul M. Bisaro Director
Sector and Competitors
1st jan.Capitalization (M$)
ALLERGAN PLC-21.48%54 690
JOHNSON & JOHNSON21.62%376 355
NOVARTIS10.93%217 651
PFIZER11.27%215 837
ROCHE HOLDING LTD.5.89%214 848
MERCK AND COMPANY-4.26%153 659
Copyright © 2017 Surperformance. All rights reserved.