Ireland-based pharmaceutical company Actavis has signed an agreement to acquire US-based Botox-maker Allergan for $66bn or $219 per share.
As part of the deal, Allergan will receive a combination of $129.22 in cash and 0.3683 Actavis shares for each share of its common stock.
Actavis president Brent Saunders said: "This acquisition creates the fastest growing and most dynamic growth pharmaceutical company in global healthcare, making us one of the world’s top ten pharmaceutical companies.
"We will establish an unrivalled foundation for long-term growth, anchored by leading, world-class blockbuster franchises and a premier late-stage pipeline that will accelerate our commitment to build an exceptional, sustainable portfolio."
Brent Saunders will operate the combined company, while Paul Bisaro will remain the executive chairman of Actavis.
The combined company is said to hold three franchises each, with annual revenues of $3bn in ophthalmology, neurosciences, the central nervous system (CNS), medical aesthetics, dermatology and plastic surgery.
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Approximately $4bn of combined revenues are expected to be generated from the specialty product franchises in gastroenterology, cardiovascular, women’s health, urology and infectious disease treatments.
Paul Bisaro said: "In the US, the combination makes us more relevant to an even broader group of physicians and customers.
Overseas, it will enhance our commercial position, expand our portfolio and broaden our footprint in Canada, Europe and South East Asia and other high-value growth markets, including China, India, the Middle East and Latin America."
Subject to shareholders’ approval of both companies, the transaction is expected to be completed in the second quarter of 2015.
Image: Allergan headquarters in Irvine. Photo: courtesy of Coolcaesar.