Allergan agrees to join Actavis in $66bn tie-up

Pharmaceutical company Actavis and health care firm Allergan have entered into a definitive agreement under which Actavis will acquire Allergan in a transaction valued at $66bn, or $219 per Allergan share.

Allergan said the combination would create one of the top 10 global pharmaceutical companies by sales revenue, with combined annual pro-forma revenues of more than $23bn anticipated in 2015. The transaction has been unanimously approved by the boards of directors of the two companies and supported by both management boards.

David Pyott, chairman and CEO of Allergan said: ‘We are combining with a partner that is ideally suited to realise the full potential inherent in our franchise. Together with Actavis, we are poised to extend the Allergan growth story as part of a larger organisation with a broad and balanced portfolio, a meaningful commitment to research and development, a strong pipeline and an unwavering focus on exceeding the expectations of patients and the medical specialists who treat them.’