(L to R) Actavis CEO Brent Saunders and David E.I. Pyott, chairman of the board and CEO of Allergan.

DUBLIN, Ireland— Actavis (NYSE: ACT) will change its corporate name to Allergan after it completes its acquisition of Allergan, according to a corporate announcement released earlier this week on Wed., Feb. 18, 2015.

Actavis, a generic and branded pharmaceutical supplier, announced on Nov. 17, 2014, its intent to acquire Allergan, which supplies ophthalmic pharmaceuticals for dry eye, glaucoma and other eye conditions. This followed a well-publicized but unsuccessful unsolicited acquisition attempt by Valeant Pharmaceuticals.

Actavis announced that it intends to use Allergan as its corporate name and for its global branded pharmaceutical portfolio, and it will retain the Actavis name for select geographic regions and product portfolios. The name change is subject to approval by Actavis' shareholders at its annual general meeting later this year. Actavis will continue to operate under its current name pending shareholder approval and formal adoption of the new name.

"The pending combination of Actavis and Allergan will create a dynamic new breed of company, a leader in growth pharma. By adopting the Allergan name we will ensure that our corporate identity reflects the dramatic evolution of our company within the pharmaceutical industry," said Brent Saunders, CEO and president of Actavis. "For more than 65 years, the Allergan name has represented innovation in branded pharmaceuticals, a commitment to bringing the best medicine to life and a strong partnership with physicians. The Actavis name has represented our global commitment to leadership in generic, branded generic and OTC pharmaceuticals and to increased access to more affordable prescription medicine for consumers around the world.

"Together, our combined company will be equally focused on developing new medicines that meet unmet medical needs in critical therapeutic categories, as well as increasing global access to high quality, affordable medicines. Using the Allergan name for our combined brand product portfolios recognizes this powerful heritage and will communicate unequivocally what we stand for in the brand pharmaceutical space. Equally as important is our commitment to retain the Actavis name in select geographic regions and for select product portfolios. Although we will have distinct identities to our various customers and in select geographies, we will operate the new Allergan as one company with one culture, led by an industry-leading unified senior management team."

This announcement follows record sales growth for Allergan for both the fourth quarter of 2014 as well as the full year ended Dec. 31, 2014, as reported by VMail. "This is a tribute to the focus of our employees during the unsolicited acquisition attempt," said David E.I. Pyott, chairman of the board and CEO of Allergan, based in Irvine, Calif. "Furthermore, we are excited about the acquisition by Actavis, with the vision of creating the most dynamic company in a new category of growth pharma companies."