David E.I. Pyott

David Edmund Ian Pyott CBE (born 1953) was the CEO of Allergan, a pharmaceutical company from 1998 to 2015, when Allergan was acquired by Actavis. In 2014 he was one of the 25 highest-paid CEOs in the United States.

Early life Pyott was born in 1953 in London, England. His parents were from Scotland; and, as a child, he lived in India, where his father worked in the sugar industry.

Pyott received a Master of Arts degree from the University of Edinburgh in 1975 and a diploma in international and European law from the Europa Institute at the University of Amsterdam. He received a Master of Business Administration from the London Business School and an MS from the University College London in 1980. On January 1, 1998, he joined Allergan, which at that time was a small eye care business. Under his leadership Allergan grew from a small eye care business to an international pharmaceutical and medical device company that earns over $5 billion a year.

In 1998, Pyott joined the board of Allergan and became chairman in 2001, ending his board tenure upon Actavis's acquisition of the company. He was a member of the board of Avery Dennison from November 1999 until March 2020. He served on the board of Edwards Lifesciences Corporation from 2000 to 2014 and was a board member of Pacific Life from 2005 until 2007. As of June 2024, Pyott serves as a vice president of the Ophthalmology Foundation, having previously served as president. He is a member of the board of the Pan American Ophthalmological Foundation, and president of the advisory board of the Foundation of the American Academy of Ophthalmology. He also serves on the boards of BioMarin Pharmaceutical, Alnylam Pharmaceuticals, Royal Philips, and Pliant Therapeutics. He is chairman of the governing board of London Business School and a member of the executive committee and board of trustees of Caltech. He is also Hospitaller of the priory in the United States for the Order of St. John and a Commander of the Order, after his promotion by King Charles III in 2023.

Allergan acquisition On April 21, 2014, Bill Ackman of Pershing Square Capital Management teamed up with pharmaceutical company, Valeant Pharmaceuticals International Inc, to make a run at acquiring Allergan. Rejecting the unsolicited $46 billion offer, as CEO, Pyott defended his company. He believed selling to Valeant would not create long-term value for Allergan's shareholders due to Valeant's historic reliance on cost-cutting.

Originally offering $48.30 per share, Valeant increased the cash portion of its offer to $58.30 per share. Pyott and Allergan, standing tall on their beliefs, rejected the offer citing yet again Valeant's unsustainable business model. As expected, this heated up the war between Pyott, Ackman and Valeant. In order to ward off the hostile takeover attempt, Allergan was courting other offers from companies with more sustainable business models. On November 17, 2014, Allergan announced that they had agreed to a deal with Actavis plc for $66 billion, making it one of the world's largest drug makers by sales.

In July 2015, Actavis plc announced that the company adopted Allergan plc (NYSE: AGN) as the company name following the approval by Actavis shareholders on June 5. The combination of the two companies created one of the world's top 10 pharmaceutical companies by revenue and a leader in a new industry model. A number of factors contributed to the collapse of Valeant, many of which validate Pyott's approach to business. Since the acquisition attempt and the subsequent fallout, Pyott's sentiments regarding Valeant have been vindicated. Some have even gone as far to call Pyott a “hero” for saving Allergan and its shareholders and fighting for what he believes in.

Honors and awards Throughout his career, Pyott has collected a number of honors and awards for his philanthropic efforts and his leadership at Allergan. Director of the Year Award; recognizing corporate directors for their outstanding dedication to the highest ideals of leadership in the boardroom – 2001. The honor of Commander of the Most Excellent Order of the British Empire (CBE) by Her Majesty the Queen for his contribution to British business excellence and management skills in the United States – 2006. University of California Irvine; The Medal, UCI's most prestigious honor – 2010. Moacyr Gold Medal for services to Brazilian ophthalmology – 2010. U.S. Marine Corps; Semper Fidelis Award – 2013. United Cerebral Palsy Gala; Corporate Impact Award – 2015. Chapman University; Citizen of the Year Award – 2015. University of Edinburgh; Honorary Degree in Medicine – 2016. California Life Sciences Association; Pantheon Award for Life Sciences Leadership - 2016 Chapman University; Honorary Doctor of Pharmaceutical Science – 2018.