The Dublin-based drug giant is pursuing a sale of its women's health and infectious diseases businesses after wrapping up its strategic review, CEO Brent Saunders announced at the Bernstein Strategic Decisions conference in New York on Wednesday, May 30.
"There is no fire sale at Allergan," Saunders said. "There is no undue pressure to sell them for a bargain basement price."
Shares of Allergan were trading at $150.30 on Wednesday early afternoon, down 0.5%. The stock is down 8% year-to-date and has dropped 33% over the last 12 months.
Proceeds from the potential sale of the units would be used for debt reduction and share buybacks, Saunders said at the conference. Allergan will focus on its medical aesthetics, eye care, central nervous system and gastrointestinal businesses, he said.
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