http://blogs.wsj.com/moneybeat/2014/11/03/allergan-ma-executive-leaves-amid-hostile-bid/
Liz Hoffman
Bloomberg News
An Allergan Inc.AGN +0.98% M&A executive has left the drug maker as it works to fend off a hostile bid from Valeant Pharmaceuticals International Inc.VRX.T +0.69%
David Lawrence, Allergan Inc.’s head of corporate development, left Allergan last week after notifying the Botox maker of his decision in early September, a spokesman confirmed. Corporate development chiefs are typically charged with managing active M&A situations, though it’s not clear how heavily involved Mr. Lawrence was in the Valeant offer.
“David Lawrence made the decision to retire from Allergan in the beginning of September to commit more time to his health and family,” an Allergan spokesman said Monday. “David was an important member of our leadership team, and we support him as he focuses solely on his personal priorities and commitments.”
Mr. Lawrence couldn’t immediately be reached for comment.
His departure comes amid a bitter takeover battle between Allergan and Valeant, which exposed rifts between some of Allergan’s executives, according to emails made public last month.
It also follows the departure of Jeff Edwards, Allergan’s former chief financial officer who left the company in August. At the time, Allergan said Mr. Edwards was stepping down due to family commitments.
In emails made public last month in ongoing litigation between Allergan and Valeant, Mr. Lawrence suggests that Allergan take a softer approach in its public comments about Valeant’s stock and business model.
In one email, Mr. Lawrence urged Mr. Pyott to tone down the attacks. He called such criticisms, backed by unnamed “industry experts,” a “high-risk proposition” that could backfire if Valeant challenged their assertions. “I don’t think [it] gets us much and if [Valeant] can refute the claims we make…we could shoot ourselves in the foot and lose credibility,” he wrote on July 11.
Mr. Pyott wrote back that he disagreed, and that the industry sources Allergan relied on were credible. He also chastised Mr. Lawrence for waiting until the last minute to raise concerns, according to the emails, which were among dozens of documents unsealed as part of a federal lawsuit between the two companies.
Later that day, Mr. Lawrence emailed Mr. Edwards and expressed frustration that he’d been left out of discussions surrounding the Valeant bid, saying he’d been “paddled” by Mr. Pyott for speaking up. He added that he was thinking of leaving the company if offered a package that would allow his stock options and awards to vest.
“At this point…I’d take a package and move on,” he wrote Mr. Edwards. “There are more important things in life than a job to be concerned with.”
He notified Allergan executives of his decision about two months later.
Liz Hoffman
Bloomberg News
An Allergan Inc.AGN +0.98% M&A executive has left the drug maker as it works to fend off a hostile bid from Valeant Pharmaceuticals International Inc.VRX.T +0.69%
David Lawrence, Allergan Inc.’s head of corporate development, left Allergan last week after notifying the Botox maker of his decision in early September, a spokesman confirmed. Corporate development chiefs are typically charged with managing active M&A situations, though it’s not clear how heavily involved Mr. Lawrence was in the Valeant offer.
“David Lawrence made the decision to retire from Allergan in the beginning of September to commit more time to his health and family,” an Allergan spokesman said Monday. “David was an important member of our leadership team, and we support him as he focuses solely on his personal priorities and commitments.”
Mr. Lawrence couldn’t immediately be reached for comment.
His departure comes amid a bitter takeover battle between Allergan and Valeant, which exposed rifts between some of Allergan’s executives, according to emails made public last month.
It also follows the departure of Jeff Edwards, Allergan’s former chief financial officer who left the company in August. At the time, Allergan said Mr. Edwards was stepping down due to family commitments.
In emails made public last month in ongoing litigation between Allergan and Valeant, Mr. Lawrence suggests that Allergan take a softer approach in its public comments about Valeant’s stock and business model.
In one email, Mr. Lawrence urged Mr. Pyott to tone down the attacks. He called such criticisms, backed by unnamed “industry experts,” a “high-risk proposition” that could backfire if Valeant challenged their assertions. “I don’t think [it] gets us much and if [Valeant] can refute the claims we make…we could shoot ourselves in the foot and lose credibility,” he wrote on July 11.
Mr. Pyott wrote back that he disagreed, and that the industry sources Allergan relied on were credible. He also chastised Mr. Lawrence for waiting until the last minute to raise concerns, according to the emails, which were among dozens of documents unsealed as part of a federal lawsuit between the two companies.
Later that day, Mr. Lawrence emailed Mr. Edwards and expressed frustration that he’d been left out of discussions surrounding the Valeant bid, saying he’d been “paddled” by Mr. Pyott for speaking up. He added that he was thinking of leaving the company if offered a package that would allow his stock options and awards to vest.
“At this point…I’d take a package and move on,” he wrote Mr. Edwards. “There are more important things in life than a job to be concerned with.”
He notified Allergan executives of his decision about two months later.