Healthcare Industry News: Allergan
News Release - June 14, 2018
Allergan Continues Active Board Refreshment ProcessThomas C. Freyman to Join Allergan plc Board of Directors
Director Patrick O'Sullivan to Retire
Four New Independent Members Added in Last 16 Months
DUBLIN, June 14, 2018 -- (Healthcare Sales & Marketing Network) -- Allergan plc (NYSE: AGN) today announced that Thomas C. Freyman will join its Board of Directors effective immediately, as part of the company's ongoing board refreshment process. Mr. Freyman, a former Executive Vice President of Finance and Administration at Abbott Laboratories, brings nearly 40 years of healthcare industry and finance experience to Allergan's Board.
"Since Allergan transitioned from a generics company to a branded biopharmaceutical company, the Allergan Board has been actively involved in a refreshment process to update its membership with the appropriate experience, talent and diversity to more strongly position Allergan as a premier biopharmaceutical company and create value for shareholders," said Chris Coughlin, Lead Independent Director. "Mr. Freyman will become the fourth new Director joining the Allergan Board in 16 months as we continue to recruit highly-experienced and qualified members to bring a diversity of perspectives and strengthen the Board with additional industry, scientific and financial experience."
Allergan also announced that director Patrick O'Sullivan will retire from the Allergan Board of Directors in July. Mr. O'Sullivan joined the Board of Directors in October 2013 following the Company's acquisition of Warner Chilcott plc, having served as a member of the Warner Chilcott Board from 2009. Following the retirement of Mr. O'Sullivan and the addition of Mr. Freyman, Allergan's Board of Directors will continue to have 12 members of which 10 are independent.
"Tom Freyman is an accomplished healthcare industry executive with a strong track record of optimizing capital allocation and creating shareholder value," said Brent L. Saunders, Chairman and Chief Executive Officer at Allergan. "Tom has nearly four decades of industry experience including finance leadership and serving on multiple public boards, making him a highly valuable addition to the Allergan Board of Directors."
Mr. Freyman retired from Abbott in 2017, having held various leadership positions during a period where the company executed a significant transformation and refocused its business portfolio. He brings broad-based healthcare experience in two of Allergan's core therapeutic areas through his tenure at Abbott and his involvement in its proprietary pharmaceuticals and medical optics businesses. Most recently, he served as Executive Vice President, Finance and Administration for Abbott since June 2015. Prior to that, he served as Chief Financial Officer (CFO) and Executive Vice President, Finance for Abbott. He was first appointed CFO and Senior Vice President, Finance at Abbott in 2001. Previously, he served as Vice President and Controller of Abbott's Hospital Products Division and held a number of financial planning and analysis positions. Prior to joining Abbott, Mr. Freyman was a certified public accountant at Ernst & Whinney.
"I am pleased to join Allergan's Board as the company makes significant progress toward becoming a premier biopharmaceutical leader," said Mr. Freyman. "I look forward to working with Allergan's Board and management team to help ensure the company delivers increased and sustainable long-term value."
Mr. Freyman holds a bachelor's degree in accounting from the University of Illinois and a master's degree in management from Northwestern University. He also serves on the Board of Directors of Tenneco Inc. and Hanger, Inc., serving on the audit committee of each of those boards.
In congratulating Mr. O'Sullivan on his retirement, Allergan Board of Directors Nominating and Corporate Governance Committee Chair Chris Bodine said, "I know I reflect the feelings of every member of Allergan's Board of Directors when I say it has been an honor to serve with Paddy O'Sullivan. He is a true professional who brought a deep knowledge of the pharmaceutical industry to the Allergan Board."
About Allergan plc
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a bold, global pharmaceutical leader. Allergan is focused on developing, manufacturing and commercializing branded pharmaceutical, device, biologic, surgical and regenerative medicine products for patients around the world.
Allergan markets a portfolio of leading brands and best-in-class products for the central nervous system, eye care, medical aesthetics and dermatology, gastroenterology, women's health, urology and anti-infective therapeutic categories.
Allergan is an industry leader in Open Science, a model of research and development, which defines our approach to identifying and developing game-changing ideas and innovation for better patient care. With this approach, Allergan has built one of the broadest development pipelines in the pharmaceutical industry.
Allergan's success is powered by our global colleagues' commitment to being Bold for Life. Together, we build bridges, power ideas, act fast and drive results for our customers and patients around the world by always doing what is right.
With commercial operations in approximately 100 countries, Allergan is committed to working with physicians, healthcare providers and patients to deliver innovative and meaningful treatments that help people around the world live longer, healthier lives every day.
For more information, visit Allergan's website at www.Allergan.com.
Statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Allergan's current perspective on existing trends and information as of the date of this release. Actual results may differ materially from Allergan's current expectations depending upon a number of factors affecting Allergan's business. These factors include, among others, the difficulty of predicting the timing or outcome of FDA approvals or actions, if any; the impact of competitive products and pricing; market acceptance of and continued demand for Allergan's products; the impact of uncertainty around timing of generic entry related to key products, including RESTASIS®, on our financial results; risks associated with divestitures, acquisitions, mergers and joint ventures; uncertainty associated with financial projections, projected cost reductions, projected synergies, restructurings, increased costs, and adverse tax consequences; difficulties or delays in manufacturing; and other risks and uncertainties detailed in Allergan's periodic public filings with the Securities and Exchange Commission, including but not limited to Allergan's Annual Report on Form 10-K for the year ended December 31, 2017 and Allergan's Quarterly Report on Form 10-Q for the period ended March 31, 2018. Except as expressly required by law, Allergan disclaims any intent or obligation to update these forward-looking statements.
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