Allergan will acquire assets of Herald Pharmacal; acquisition supports skin care strategy.IRVINE, Calif.--(BUSINESS WIRE)--Aug. 1, 1995-- Allergan, Inc. (NYSE NYSE See: New York Stock Exchange :AGN AGN Again (Amateur Radio) AGN Active Galactic Nucleus AGN Acute Glomerulonephritis AGN Accountants Global Network AGN Air Gabon (ICAO code) ) announced today that it has signed a definitive agreement to purchase substantially all of the assets of Herald Pharmacal, a leader in the aesthetic skin care market based in Colonial Heights, Virginia Colonial Heights is an independent city in Virginia, United States. The population was 16,897 at the 2000 census. The Bureau of Economic Analysis combines the City of Colonial Heights (along with the City of Petersburg) with Dinwiddie county for statistical purposes. . Terms of the agreement were not disclosed. A pioneer in the field of glycolic acid skin care technology, Herald manufactures and distributes a wide range of professionally promoted over-the-counter (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ) products, including moisturizers, astringents, shampoo and body cleansers. These products are marketed both in the U.S. and internationally to dermatologists, plastic surgeons, and aestheticians List of aestheticians, aesthetes, or aestheticists, alphabetically:
"This acquisition further supports our skin care strategy," said Allergan President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. William C. Shepherd. "The combination of Allergan's prescription skin care line with Herald's ethical OTC products will strengthen our skin care business and better prepare us to commercialize tazarotene and Azelex(R)." In June of this year, Allergan filed for FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval for tazarotene, a topical receptor-selective retinoid retinoid /ret·i·noid/ (ret´i-noid) 1. resembling the retina. 2. retinal, retinol, or any structurally similar natural derivative or synthetic compound, with or without vitamin A activity. for the treatment of psoriasis and acne. Azelex(R) azelaic acid, a topical anti-acne compound exhibiting anti-inflammatory, antibacterial, and comedolytic (anti-blackhead) activity, was filed for regulatory approval in Canada in March 1992 and in the U.S. in February 1994. Last December, Allergan acquired Lorsen SA, a skin care company based in Argentina. "Not only does Herald's comprehensive line of aesthetic skin care products provide a good strategic fit with our prescription skin care business, but we are also gaining a valuable asset, the employees at Herald," Shepherd continued. Commenting on joining Allergan, Joseph A. Lewis II, vice president, Research & Development and Creative Services said, "It's exciting for Herald to be part of Allergan, a company that like ourselves has a 30-year tradition in dermatology. Allergan's innovative research & development, coupled with its worldwide sales and marketing capabilities, provide a platform for our products to benefit an even greater number of people." Upon closing, Allergan will acquire and continue to operate Herald's 50,000 square-foot manufacturing and administrative facility in Virginia. Incorporated in 1962, Herald employs approximately 100 people. Allergan, Inc., a global health care company headquartered in Irvine, California, develops, manufactures, and markets specialty therapeutic products for eye and skin care and neuromuscular disorders. A technology-driven company, Allergan is working to be the partner of choice for ever better health care. CONTACT: Allergan, Irvine Jeff D'Eliscu, 714/246-4636 (work) 714/675-9475 (home) |
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