Allergan names 30-year company vet next CFO amid Valeant chaos
- Jim Hindman has been named the Chief Financial Officer (CFO) and executive vice president of finance and business development at Allergan, Contract Pharma reports.
- Hindman, a 30-year company veteran, is replacing fellow veteran Jeff Edwards, who is stepping down from the position after serving in it for 21 years.
- The move comes as Allergan is locked in a battle with Valeant and Bill Ackman's investment firm Pershing Square.
Hindman will certainly have his hands full as he steps into the CFO role. Allergan CEO David Pyott noted that Hindman has "played an important leadership role" for Allergan over the last several months -- possibly a reference to the botox-maker's attempts to stave off a hostile takeover bid by Valeant and Ackman.
Allergan filed a federal lawsuit against Valeant, Pershing Square, and Ackman at the beginning of August, alleging insider trading and disclosure violations related to the latter companies' buyout offer. Last week, sources from the Securities and Exchange Commission stated that the agency had launched a probe into the potential deal.
On Monday, Valeant extended the deadline for Allergan to make a decision regarding the tender offer to December 31, according to the Wall Street Journal.
- Contract Pharma Allergan Names CFO