The drugmaker's management and board are "working with multiple advisers with a sense of urgency," Walsh said Tuesday, May 8, at the Deutsche Bank healthcare conference in Boston. The Dublin-based company will provide communications on the review in "weeks, not months," he said.
Echoing what CEO Brent Saunders said on Allergan's April 30 earnings call, however, Walsh said a transformational deal "is off the table at the present time."
Allergan on April 19 indicated it was considering an offer for Shire plc. Hours later, however, Allergan reversed course and said it was no longer interested in pursuing the company. Shire and Takeda Pharmaceutical Co. Ltd. said Tuesday they had reached an agreement on a deal in which Takeda will buy Shire for $62.4 billion."What we do believe would unlock value is running a more focused Allergan," Walsh said on Tuesday.
In March, Saunders said at a Barclays healthcare conference that the company was taking a "full, fresh look" at every option available to create value. On the earnings call, Saunders said the options could be placed into five broad categories: share buybacks, divestitures, a split-up of the company, acquisitions or mergers and continuing to operate the company as currently configured.
Allergan's advisers on its strategic review include BofA Merrill Lynch and Guggenheim Securities LLC.
The company is committed to its medical aesthetics, eye care, central nervous system and gastrointestinal verticals, Saunders said on the earnings call. As for the company's women's health and anti-infectives businesses, Saunders said Allergan has a "strong view" of those units but said they are "less strategically important."
In April, media reports said Allergan was considering selling its women's health unit, which includes Estrace cream, a vaginal product; birth control pill Lo Loestrin Fe; and Latisse, a treatment to promote eyelash growth.
Allergan's recent M&A activity included its acquisition of Elastagen Pty. Ltd., which is developing injectable aesthetics products, for up to $260 million in a deal completed in April.
The company's transactions in 2017 included its acquisition of Zeltiq Aesthetics Inc., the medical technology company behind the body-contouring CoolSculpting System, in a $2.5 billion deal completed in April and its purchase of medical device company Keller Medical Inc. in June.
Allergan shares finished Tuesday at $143.80, down 2.2%. The stock is down more than 11% in 2018 and 40% over the past 12 months. --Lisa Botter, Martin Baccardax and Bill Meagher contributed to this article
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