David Close

David E.I. Pyott, CBE

Chairman of the Board and
Chief Executive Officer

During his 17 year tenure, Allergan was transformed from a small eye care business with about $1 billion in sales to a global specialty pharmaceutical and medical device company, with sales over $7 billion in 2014 with most of the increase stemming from organic growth. In response to a hostile takeover attempt by Valeant and Bill Ackman’s Pershing Square, Allergan ultimately agreed to a negotiated sale to Actavis. Allergan’s market capitalization increased from $2.3 billion in 1998 to an estimated $70 billion at time of close. Mr. Pyott was recognized by many prominent and well-respected business organizations: by Harvard Business Review as one of “The 100 Best Performing CEOs in the World” in 2014 (ranked #4), 2013 (ranked #26) and 2009 (ranked #50), and was recognized as the “#1 CEO in Specialty Pharmaceuticals” by Institutional Investor magazine in 2005, 2007, and the “Best CEO Healthcare – Pharmaceuticals” in 2012 and 2013.

Allergan has been the fastest growing global ophthalmic company for many years and is globally #1 or #2 multiple specialty areas: ophthalmics, medical aesthetics, medical dermatology, neurology, and urologics. Allergan has a global presence with 40 subsidiaries in all continents, supplemented by distributors. In 2014, NewsWeek ranked Allergan as the #1 Green company and #2 Green company in the world.

The company’s strategy was based on customer focus, investment in R&D, creation of new markets and commercial prioritization of high growth products. In 2001 the legacy contact lens care and ophthalmic surgical businesses were spun off to stockholders into Advanced Medical Optics (now Abbott Medical Optics). As an innovator with a strong background in consumer marketing, Mr. Pyott recognized the potential of BOTOX® to be used for cosmetic and therapeutic purposes. BOTOX® with over $2.2 billion in sales is approved by regulatory authorities for more than 27 different indications across approximately 88 countries. Restasis® with over $1 billion in sales is the largest eye drop in value worldwide, having innovated the therapeutic dry eye category. Juvederm® with sales over $600 million built the dermal filler category worldwide driven by its unique softness and volumizing properties. Allergan’s investment in Research & Development increased from less than $100 million in 1998 to over $1 billion in 2014, with the company creating an industry-leading Research & Development pipeline.

With a keen emphasis on achieving category leading market positions, Allergan acquired Inamed Corp. for over $3 billion in 2006 to establish the medical aesthetics category. In 2007, Allergan acquired Groupe Laboratories Cornéal in France to gain worldwide rights and manufacturing capabilities for Juvederm®. Other smaller acquisitions were SkinMedica in topical aesthetics, MAP Pharmaceuticals for its inhaled migraine therapy technology and TARIS for an interstitial cystitis/ bladder pain syndrome program.

In 2006, Mr. Pyott was bestowed with the honor of Commander of the Most Excellent Order of the British Empire (CBE) by Her Majesty the Queen in acknowledgement of his contribution to British business excellence and management skills in the United States. In 2010, he received an honorary degree, the UCI Medal, and the Moacyr Gold Medal for services to Brazilian ophthalmology.

Before joining Allergan, Mr. Pyott served as the Head of the Novartis Nutrition Division and as a member of the Executive Committee of the Switzerland-based Novartis AG, working over 17 years in several positions in strategic planning, marketing and general management in Switzerland, Austria, Spain, Malaysia and the United States. Key brands and businesses were: Ovaltine, Wasa crispbread, Isostar sports drink, Gerber baby food, hospital and nursing home based enteral nutrition, diet products, and organic nutrition.

Mr. Pyott holds a Diploma in International and European Law from the Europa Institute at the University of Amsterdam, a Master of Arts degree from the University of Edinburgh and a Master of Business Administration degree from the London Business School.

Mr. Pyott is Lead Director and a member of the Board of Directors of Avery Dennison Corporation. He is Vice Chairman of the Board of Trustees of Chapman University, a member of the Governing Board of the London Business School, President of the International Council of Ophthalmology Foundation and is on the Advisory Board of the Foundation of the American Academy of Ophthalmology. He formerly served on the Board, on the Executive Committee and as Board Secretary of the Biotechnology Industry Organization as well as a member of the Board of Edwards Lifesciences Corporation.