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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No.: *
Name of Issuer: Allergan Specialty Therapeutics, Inc.
Title of Class of Securities: Common Stock, par value $.01 per
share
CUSIP Number: 018494104
(Name, Address and Telephone Number of Person
Authorized To Receive Notices and Communications)
Lourde John Constable, 5 Radnor Corp. Center, 100 Matsonford Rd.
Suite #520, Radnor, Pennsylvania 19087 (610) 964-0750
(Date of Event which Requires Filing of this Statement)
April 15, 1998
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of
Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits,
should be filed with the Commission. See Rule 13d-1(a) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No.: 018494104
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Lourde John Constable, d/b/a Constable Asset Management
2. Check the Appropriate Box if a Member of a Group
a.
b. x
3. SEC Use Only
4. Source of Funds
WC
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
6. Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person
With:
7. Sole Voting Power:
149,800
8. Shared Voting Power:
276,200
9. Sole Dispositive Power:
149,800
10. Shared Dispositive Power:
276,200
11. Aggregate Amount Beneficially Owned by Each Reporting Person
426,000
12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares
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13. Percent of Class Represented by Amount in Row (11)
13.0%
14. Type of Reporting Person
IN
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CUSIP No.: 018494104
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Constable Partners, L.P.
2. Check the Appropriate Box if a Member of a Group
a.
b. x
3. SEC Use Only
4. Source of Funds
WC
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
6. Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person
With:
7. Sole Voting Power:
8. Shared Voting Power:
276,200
9. Sole Dispositive Power:
10. Shared Dispositive Power:
276,200
11. Aggregate Amount Beneficially Owned by Each Reporting Person
276,200
12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares
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13. Percent of Class Represented by Amount in Row (11)
8.4%
14. Type of Reporting Person
PN
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The purpose of this Schedule 13D is to report the ownership of
Lourde John Constable and Constable Partners, L.P. (together, the
"Reporting Persons") in the Common Stock, $.01 par value per
share (the "Shares"), of Allergan Specialty Therapeutics, Inc.
(the "Issuer") of 13.0% and 8.4%, respectively, of the Shares
outstanding.
Item 1. Security and Issuer
The title of the class of equity securities to which
this statement relates is: Common Stock, $.01 par
value, in Allergan Specialty Therapeutics, Inc.
The name and address of the principal executive and
business office of the Issuer is:
Allergan Specialty Therapeutics, Inc.
2525 Dupont Drive
Irvine, California 92612
Item 2. Identity and Background
This statement is being filed on behalf of Lourde John
Constable and Constable Partners, L.P., a Delaware
limited partnership (the "Partnership"). Mr. Constable
is the general partner of the Partnership and of
Constable II, L.P., a Delaware limited partnership, and
is the investment manager of Oceanus Fund, a Guernsey
corporation (the "Offshore Fund"). The principal office
of the Reporting Persons and of Constable II, L.P. is 5
Radnor Corp. Center, 100 Matsonford Rd., Suite #520,
Radnor, Pennsylvania 19087. The address of the Offshore
Fund is c/o Butterfield Fund Managers, P.O. Box 211,
Butterfield House, The Grange, St. Peter Port, Guernsey,
GY1 3NQ, Channel Islands.
Neither of the Reporting Persons has, during the last
five years, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
Neither of the Reporting Persons has, during the last
five years, been a party to a civil proceeding of a
judicial or administrative body of competent
jurisdiction which resulted in a judgment, decree or
final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal
or state securities laws or finding any violations with
respect to such laws.
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Item 3. Source and Amount of Funds or Other Consideration
As of the date hereof, Mr. Constable is deemed to
beneficially own 426,000 Shares, of which the
Partnership owns 276,200 Shares. The Shares deemed to
be beneficially owned by Mr. Constable that are not held
by the Partnership are held by either Constable Partners
II, L.P. or the Offshore Fund. The Shares of the Issuer
were purchased in open market transactions. The Shares
deemed to be beneficially owned by Mr. Constable were
purchased for an aggregate purchase price of $4,816,875,
of which amount $3,107,250 represents the aggregate
purchase price of the Shares owned by the Partnership.
The funds for the purchase of the Shares held in the
Partnership, Constable Partners II, L.P and the Offshore
Fund came from each of those entity's working capital.
No leverage was used to purchase any of the Shares.
Item 4. Purpose of Transactions
The Shares of the Issuer that are the subject of this
Schedule 13D were acquired and are held for investment
purposes. Additional Shares of the Issuer may be
purchased by the Reporting Persons at any time in either
privately negotiated or open market transactions if
prices or other factors are deemed favorable by
Mr. Constable. Any or all the Shares that are the
subject of this Schedule 13D may be sold at any time, in
either privately negotiated or open market transactions,
depending on market conditions prevailing at the time
and other factors that are deemed relevant by Mr.
Constable. Although Mr. Constable knows of no
conflicts, nevertheless he intends to monitor the
activities of the current management and Board of
Directors of the Issuer to ensure that they are mindful
of potential conflicts of interest that may arise in the
relationship of the Issuer to Allergan and that they
will represent the interests of the Issuer and its
shareholders fairly and equitably.
Mr. Constable reserves the right to take any and all
actions to address any potential concerns that may arise
with respect to the Issuer.
Item 5. Interest in Securities of Issuer
As of the date hereof, Mr. Constable is deemed to be the
beneficial owner of 426,000 Shares, of which the
Partnership is the owner of 276,200 Shares. Based on
information received from the Issuer, as of March 10,
1998 there were 3,272,000 Shares outstanding.
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Therefore, Mr. Constable is deemed to beneficially own
13.0%, of which the Partnership owns 8.4%, of the
outstanding Shares. Mr. Constable has the sole or
shared power to vote, direct the vote, dispose of or
direct the disposition of all the Shares that he is
deemed to beneficially own. The Partnership has the
shared power to vote, direct the vote, dispose of or
direct the disposition of all the Shares that it
beneficially owns. All transactions in the Shares
effected by the Reporting Persons during the sixty days
prior to April 15, 1998 through the date of this filing
were effected in open-market transactions and are set
forth in Exhibit B hereto.
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer
The Reporting Persons have no contract, arrangement,
understanding or relationship with any person with
respect to the Shares.
Item 7. Material to be Filed as Exhibits
1. An agreement relating to the filing of a joint
statement as required by Rule 13d-1(f) under
the Securities Exchange Act of 1934 is filed
herewith as Exhibit A.
2. A description of the transactions in the
Shares that were effected by the Reporting
Persons during the 60 days prior to April 15,
1998 through the date of this filing is filed
herewith as Exhibit B.
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Signature
The undersigned, after reasonable inquiry and to
the best of their knowledge and belief, certify that the
information set forth in this statement is true, complete
and correct.
CONSTABLE PARTNERS, L.P.
By: /s/ Lourde John Constable
_____________________________
Lourde John Constable
General Partner
/s/ Lourde John Constable
_________________________________
Lourde John Constable
April 27, 1998
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02414001.AA0
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Exhibit A
AGREEMENT
The undersigned agree that this Schedule 13D dated
April 27, 1998 relating to the Common Stock of Allergan
Specialty Therapeutics, Inc. shall be filed on behalf of the
undersigned.
CONSTABLE PARTNERS, L.P.
By: /s/ Lourde John Constable
_____________________________
Lourde John Constable
General Partner
/s/ Lourde John Constable
_________________________________
Lourde John Constable
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02414001.AA0
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Exhibit B
SCHEDULE OF TRANSACTIONS
_________________________
CONSTABLE PARTNERS:
Date Shares Purchased or (Sold) Price Per Share
____ ________________________ _________________
4/15/98 276,200 $11.25
CONSTABLE PARTNERS II, L.P.:
Date Shares Purchased or (Sold) Price Per Share
____ ________________________ _________________
4/7/98 5,000 $12.125
4/15/98 35,800 11.25
OCEANUS FUND:
Date Shares Purchased or (Sold) Price Per Share
____ ________________________ _________________
4/7/98 20,000 $12.25
4/16/98 89,000 11.25
02414001.AA0
