Allergan "equal weight"

10/05/05 - Morgan Stanley

NEW YORK, October 5 (newratings.com) - Analysts at Morgan Stanley maintain their "equal weight" rating on Allergan Inc (AGN). The target price is set to $91.

In a research note published this morning, the analysts mention that the company has recently entered into a long-term agreement with GlaxoSmithKline. According to the agreement, GlaxoSmithKline will undertake the development and promotion of Botox in China and Japan, while Allergan will co-promote two of the former company’s migrane products, Amerge and Imitrex STATdose, in the US, the analysts say. The deal enables Allergan to focus its efforts on segments where it can attain maximum leverage, Morgan Stanley adds.