)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
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`?F=OJJDA>ECCAIJJ=ALAHJ=HCAJB #
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`;,1)4)5-;
`
`8 ! # "")
`
`Allergan Plc, the drugmaker known for its best-
`seller Botox, agreed to merge with pharmaceutical
`giant Pfizer Inc. in a $160 billion deal.
`
`The company, which was recently created as a
`combination of Actavis Plc and Allergan Inc.,
`appealed to Pfizer in part because of how it could
`help cut the drug giant's tax bill. Pfizer is known for
`making blockbuster drugs Viagra and Lipitor.
`
`Here's the story of how Allergan went from a small
`Los Angeles company known for making eye-drops
`to an Ireland-domiciled drug giant to 2015's biggest
`takeover target.
`
`2BEAH+-1=4A=@EICEC=BJAH)AHC=2?
`
`REUTERS/Luke MacGregor
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`
`MYLAN - EXHIBIT 1098
`Mylan Pharmaceuticals Inc. et al. v. Allergan, Inc.
`IPR2016-01127, -01128, -01129, -01130, -01131, & -01132
`
`
`
`2=CA B &
`
`0M)AHC=MAJBH=JEOI)CAAIAOA?=HA
`?F=OJJDA>ECCAIJJ=ALAHJ=HCAJB #
`
`;,1)4)5-;
`
`8 ! # "")
`
`Allergan Plc, the drugmaker known for its best-
`seller Botox, agreed to merge with pharmaceutical
`giant Pfizer Inc. in a $160 billion deal.
`
`The company, which was recently created as a
`combination of Actavis Plc and Allergan Inc.,
`appealed to Pfizer in part because of how it could
`help cut the drug giant's tax bill. Pfizer is known for
`making blockbuster drugs Viagra and Lipitor.
`
`Here's the story of how Allergan went from a small
`Los Angeles company known for making eye-drops
`to an Ireland-domiciled drug giant to 2015's biggest
`takeover target.
`
`2BEAH+-1=4A=@EICEC=BJAH)AHC=2?
`
`REUTERS/Luke MacGregor
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`
`MYLAN - EXHIBIT 1098
`Mylan Pharmaceuticals Inc. et al. v. Allergan, Inc.
`IPR2016-01127, -01128, -01129, -01130, -01131, & -01132
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA B &
`Page 2 of 18
`
`)AHC=M=IBK@A@E '"&>OFD=H=?EIJ/=LE50AH>AHJIDM>AMJDAABJ
`Allergan was founded in 1948 by pharmacist Gavin 5. Herbert, shown below on the left
`MEJD,H2=HEID=JE>E=IFA?E=EIJ=JJDA7ELAHIEJOB+=EBHE=1HLEAA@E?=+AJAH
`with Dr. Parmis Khatibi, a specialist at the University of California, Irvine Medical Center
`E "
`in 2014.
`
`
`
`leimedia Commons
`9EEA@E=+I
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA!B &
`Page 3 of 18
`
`)CMEJD?DAEIJ5J=AO*O0AH>AHJ?HA=JA@JDA?F=OIBEHIJ@HKC==JE=AHCO
`Along with chemist Stanley Bly, Herbert created the company's first drug, an anti-allergy
`IA@HFJD=JKIA@JDA=JEDEIJ=EAA=JAHC=EI)CAAI6DAO=HAJA@JDA
`nose drop that used the antihistamine neoantergan, in Los Angeles. They marketed the
`@HKCK@AHJDA=A)AHC=
`drug under the name Allergan.
`
`'IU \ r
`.5].
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`.3-
`4.
`
`
`
`Vlfikimedia/CDC/Douglas Jordan, M.A.
`9EEA@E=+,+,KC=IH@=)
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA"B &
`Page 4 of 18
`
`6DAAOA@HFI=K?DA@)AHC=EJJDAAOA?=HABEA@
`The eye drops launched Allergan into the eye care field.
`
`
`
`leimedia Commons
`9EEA@E=+I
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA#B &
`Page 5 of 18
`
`)AHC=2D=H=?AKJE?=I1?BBE?E=O>A?=A=?F=OE '# 6DA?F=OB?KIA@
`Allergan Pharmaceuticals Inc. officially became a company in 1950. The company focused
`AOAFH@K?JI>ABHA>A?ECFK>E?E '%
`on eye products before becoming public in 1970.
`
`Official U. S. Navy Page/flick
`BBE?E=75=LO2=CABE?H
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA$B &
`Page 6 of 18
`
`)AHC=>HEABOAHCA@MEJD@HKC?F=O5EJDEA*A?=E '& 1 '&'EJ
`Allergan briefly merged with drug company SmithKline Beckman in 1980. In 1989, it
`IAF=H=JA@BH5*MDAEJM=I=?GKEHA@>O5EJDEA*AA?D= FHA?KHIHIJJ@=OI
`separated from SKB when it was acquired by SmithKline Beecham (precursors to today's
`FD=H=CE=J/=N5EJDEA
`pharma giant GlaxoSmithKline).
`
`REUTERS/Luke MacGnegar
`4-76-45KA=?/HACH
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA%B &
`Page 7 of 18
`
`)HK@JD=JJEAJDA.,)=FFHLA@=@HKCJJHA=J=OAOAM=I>JKEKJNE
`Around that time, the FDA approved a drug to treat lazy eye known as botulinum toxin
`JOFA)H*JN)AHC==?GKEHA@JDA?F=OJD=J=@AJDAAM@HKC
`type A, or Botox. Allergan acquired the company that made the new drug.
`
`AP Images
`)21=CAI
`
`Source
`5KH?A
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA&B &
`Page 8 of 18
`
`1JDA '' IFDJD=CEIJA=+=HHKJDAHIM=IJHA=JECFAFAMEJD=JECDJAOAE@
`In the 1990s, ophthalmologist Jean Carruthers was treating people with a tight eyelid
`?@EJEMEJD*JNEA?JEIMDAIDAHA=EA@DAHF=JEAJIMHEAIMAHACEC=M=O
`condition with Botox injections when she realized her patients' wrinkles were going away
`=IMA)BJAHFK>EIDECDAHBE@ECI@AH=JCEIJI>AC=JFE?KFJDABB=>AKIA
`as well. After publishing her findings, dermatologists began to pick up on the off-label use
`B*JN
`of Botox.
`
`REUTERS/ Shannon Stapleton
`4-76-455D=5J=FAJ
`
`Source
`5KH?A
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA'B &
`Page 9 of 18
`
`*JNCHAMIFFK=HJD=J=JAFEJE ''%JDA75D=@HKKJBEJIIKFFOE?EJEC
`Botox grew so popular that at one point in 1997, the US had run out of its supply, inciting
`F=E?BHJDIAMDKIA@JDAJHA=JAJJDOJHA@K?AMHEAI
`panic for those who used the treatment monthly to reduce wrinkles.
`
`FlicIv/nate Steiner
`.E?H=JAIJAEAH
`
`Source
`5KH?A
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA B &
`Page 10 of 18
`
`1JJKJE BH?IAJE?*JNJBBE?E=OCAJJDA.,)IIJ=FB=FFHL=1JDA
`It took until 2002 for cosmetic Botox to officially get the FDA's stamp of approval. In the
`IA?@GK=HJAHB #I=AIB*JN=KJA@J=MDFFEC$! EE=IJ
`second quarter of 2015, sales of Botox amounted to a whopping $632 million, almost $200
`EEHAJD=2BEAHIIA?@GK=HJAHI=AIB8E=CH=
`million more than Pfizer's second-quarter sales of Viagra.
`
`Reuters/Jim Young
`4AKJAHIE;KC
`
`Source/Source
`5KH?A5KH?A
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`
`2=CA B &
`
`*OJDAE@ I)AHC=M=IELLA@E=ECJHA=JAJIJD=JBAK@AHJDA
`K>HA=IBAOA?=HAA@E?==AIJDAJE?I >HA=IJEF=JI@AH=BEAHI=@*JNBH
`MHEAI AKHI?EA?A *JNEIKIA@E=@EBBAHAJ@IABHFAFAMEJDLAH=?JELA
`>=@@AHI=@JDIAMEJD?DHE?DA=@=?DAI =@>AIEJO
`
`)2
`
`5KH?A
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA B &
`Page 12 of 18
`
`6DAE ")AHC=A@EAJDAFAHBA?JJ=ALAHJ=HCAJBH8=A=JMDIA+-
`Then, in 2014, Allergan looked like the perfect takeover target for Valeant, whose CEO,
`E?D=A2A=HI IDM>AM M=JA@JJKHEJEJ=?=IDCAAH=JEC=?DEA
`Michael Pearson (shown below) wanted to turn it into a cash-generating machine.
`
`REUTERS/Christinne Muschi
`4-76-45+DHEIJEAKI?DE
`
`Source
`5KH?A
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA !B &
`Page 13 of 18
`
`1JM=IJDAJD=J)?J=LEI=@HKC?F=OJD=JIFA?E=EAIECAAHE?@HKCI=@LAHJDA
`It was then that Actavis, a drug company that specializes in generic drugs and over-the-
`?KJAHFH@K?JII?FA@KF)AHC=BH=A=J$$>EE0AHAI=FDJB)?J=LEI
`counter products, scooped up Allergan for a neat $66 billion. Here's a photo of Actavis
`+-*HAJ5=K@AHI=@)AHC=+-,=LE@2OJJJDABHBJDAAM;H5J?
`CEO Brenton Saunders and Allergan CEO David Pyott on the floor of the New York Stock
`-N?D=CA
`Exchange.
`
`Thomson Reuters
`6DI4AKJAHI
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA "B &
`Page 14 of 18
`
`)?J=LEI+-*HAJ5=K@AHI""I=MJDA@A=JDHKCDEJI?IAE=H?D #=JMDE?D
`Actavis CEO Brent Saunders 44, saw the deal through its close in March 2015, at which
`FEJDA>A?=AJDA+-B)AHC=2?M=,K>E>=IA@C>=FD=H=?AKJE?=
`point he became the CEO of Allergan Plc - now a Dublin-based global pharmaceutical
`?F=O
`company.
`
`Brendan McDe/mid/Reuters
`*HA@=?,AHE@4AKJAHI
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA #B &
`Page 15 of 18
`
`1KO)AHC==CHAA@JIAEJICAAHE?@HKC>KIEAIIBH" #>EEJ6AL=
`In July, Allergan agreed to sell its generic drug business for $40.5 billion to Teva
`2D=H=?AKJE?=I6DALAFKJ)AHC=E=IFJJ@ALAFHA>H=@A@@HKCIE=HA=I
`Pharmaceuticals. The move put Allergan in a spot to develop more branded drugs in areas
`EAAOA?=HA=AIJDAJE?IC=IJHAJAHCO @A=ECMEJDJDAIJ=?D=@EJAIJEAI =@
`like eye care, aesthetics, gastroenterology (dealing with the stomach and intestines), and
`MAIDA=JD0AHAI=IDJBAB6AL=I>KE@ECIEAHKI=A1IH=A
`women's health. Here's a shot of one of Teva's buildings in Jerusalem, Israel.
`
`REUTERS/Baz Ratner
`4-76-45*=4=JAH
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA $B &
`Page 16 of 18
`
`)AHC=D=I=CHAA@J=AHCAHMEJD2BEAHJDA>ECCAIJJ=ALAHB #
`Allergan has agreed to a merger with Pfizer, the biggest takeover of 2015.
`
`Thomson Reuters
`6DI4AKJAHI
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA %B &
`Page 17 of 18
`
`6DA@A=ME=M2BEAHJE?HFH=JAE1HA=@K@AH)AHC=2?=MECJDA
`The deal will allow Pfizer to incorporate in Ireland under Allergan Plc, allowing the
`?F=OJ=LE@JDA75IDECDAHJ=NH=JA
`company to avoid the US's higher tax rate.
`
`mucaw an Fliclv
`K?M.E?H
`
`Source
`5KH?A
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
`
`)AHC=DEIJHOIE?A '"&BK@EC*KIEAII1IE@AH
`Allergan history since 1948 founding - Business Insider
`
`2=CA &B &
`Page 18 of 18
`
`2BEAH=ICAJI)AHC=I>AIJIAEC*JNMDE?DCAAH=JA@LAH >EEEI=AI=IJ
`Pfizer also gets Allergan's best-selling Botox, which generated over $2 billion in sales last
`OA=H
`year.
`
`:Dan Kitwaod/Getty
` ,=EJM@/AJJO
`
`Get the latest Pfizer stock price here.
`/AJJDA=JAIJ2BEAHIJ?FHE?ADAHA
`
`
`
`DJJF MMM>KIEAIIEIE@AH?=AHC=DEIJHOIE?A '"&BK@EC #
`http://Www.businessinsider.com/allergan-history-since-1948-founding-2015-1 1
`
`
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