Forest Laboratories

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Forest Laboratories Inc.
Subsidiary
Traded as Formerly NYSEFRX
Industry Pharmaceutical
Founded 1954
Headquarters 909 Third Avenue
New York City, United States
Key people
Brent Saunders, CEO
Revenue Decrease $3.1 billion (2013)[1]
Number of employees
5,600
Website http://www.frx.com

Forest Laboratories is an American pharmaceutical company headquartered in New York City. The company's research and development spending has grown rapidly in recent years and, as of 2007, approached almost a billion U.S. dollars a year,[2] which put it on the list of the top 100 global corporations in R&D spending.[3] Forest Laboratories is also known for licensing European pharmaceuticals for sale in the United States. The company also has offices in St. Louis, Cincinnati, Jersey City, Oakland, Dublin, Kent and Paris.

Corporate history

In January 2014, Forest agreed to acquire Aptalis Pharma for $2.9 billion in order to gain access to treatments for gastrointestinal ailments and cystic fibrosis.[4]

In February 2014, Actavis announced it would acquire Forest Laboratories for around $25 billion.[5]

In April 2014, Forest announced it would acquire Furiex Pharmaceuticals Inc. for $1 billion in cash.[6][7]

Locations

Both Lexapro and Namenda are produced in bulk at the Forest plant in Dublin, Ireland, with secondary processing, such as bottling and blister-packing, being carried out in the U.S. at plants in New York and St. Louis. Corporate profits end up in Forest Labs' Bermuda "subsidiary", a facility that consists of a secretary in a law office in a country with no corporate tax.[8]

Products

Some of the products Forest Laboratories markets with its partners include:

Controversies

In September 2010, Forest Laboratories, Inc. and Forest Pharmaceuticals, Inc. (a subsidiary of Forest Laboratories) agreed to pay more than US$313 million to resolve allegations of civil and criminal liability relating to felony obstruction of justice and the illegal distribution and promotion of pharmaceuticals, charges to which it pled guilty.[9] One of the pharmaceutical-related charges was a misdemeanor charge of illegally promoting the drugs Celexa and Lexapro for unapproved pediatric uses in treating depression.[10][11] The other drug-related charge was a misdemeanor charge of distributing the unapproved drug Levothroid in violation of the Food, Drug, and Cosmetic Act (FDCA).[10][11] Certain of the criminal activities were revealed with the help of whistleblowers, who were slated to receive US$14 million from the federal component of the settlement.[11]

"Dodging taxes"

On 13 May 2010, ABC news and Bloomberg business news reported that the organization "dodges taxes" by moving its profits offshore with the currently legal practice known as transfer pricing. U.S. Senator Carl Levin of Michigan has called transfer pricing "the corporate equivalent to secret offshore accounts of individual tax dodgers".[8]

Pipeline candidates

Notes

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External links