A somber end for pharma’s heir apparent
(ALLERGAN, DOM SMITH/STAT)
AbbVie’s decision to buy Allergan for $63 billion marks the end of the line for an audacious experiment that never quite proved its promise.
Today’s Allergan is the magnum opus of Brent Saunders, a one-time industry heretic who briefly convinced the world that you could create a world-leading pharmaceutical firm by cobbling together assets instead of investing deeply in research.
As STAT’s Matthew Herper points out, it almost worked: Back in 2015, Pfizer agreed to buy Allergan for $160 billion in cash and stock. But that deal unraveled due to shifting tax laws, leaving Allergan and Saunders to go it alone. What ensued was a four-year marathon of PR missteps and clinical disappointments. Now Allergan is selling for 60% less.
Read more.
Today’s Allergan is the magnum opus of Brent Saunders, a one-time industry heretic who briefly convinced the world that you could create a world-leading pharmaceutical firm by cobbling together assets instead of investing deeply in research.
As STAT’s Matthew Herper points out, it almost worked: Back in 2015, Pfizer agreed to buy Allergan for $160 billion in cash and stock. But that deal unraveled due to shifting tax laws, leaving Allergan and Saunders to go it alone. What ensued was a four-year marathon of PR missteps and clinical disappointments. Now Allergan is selling for 60% less.
Read more.
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