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Allergan (AGN) Ratings Affirmed by Moody's Amid Scrubbed Deal with Pfizer
April 6, 2016 4:51 PM EDTMoody's Investors Service confirmed the Baa3 senior unsecured rating of subsidiaries of Allergan plc (NYSE: AGN), including Actavis, Inc., Actavis Funding SCS, Allergan Inc., and Forest Laboratories, Inc. (together, "Allergan"). The confirmation follows the announcement of the termination of the proposed combination with Pfizer Inc. (rated A1 stable). The outlook is stable.
"Allergan will likely pursue acquisitions and share repurchases that will erode its significant cash balance following the divestiture of the generics business to Teva" said Jessica Gladstone, Senior Vice President with Moody's. "However, we believe this will be balanced with enough... More
BMO Capital Reiterates Outperform on Pfizer (PFE) Following Allergan Merger Termination
April 6, 2016 10:42 AM EDTBMO Capital reiterated an Outperform rating and $39.00 price target on Pfizer (NYSE: PFE) following the company's announcement the merger agreement with Allergan plc was terminated. BMO believes that Pfizer will likely look for more deals to strengthen its innovative business, and the recent weakness... More
