Dublin-based Actavis has made a friendly offer to acquire Allergan for US$66 billion.
The combined company will be one of the 10 largest global pharmaceutical companies by sales, with combined annual pro forma revenues of more than US$23 billion anticipated in 2015.
The transaction has been unanimously approved by the boards of directors of Actavis and Allergan, and it is supported by the management teams of both companies.
Actavis will pay US$219 a share in cash and stock for Allergan.
Canada’s Valeant Pharmaceuticals, which made a hostile bid of US$200 a share for Allergan, won’t try to top the Actavis offer.
“We have seen the announcement that Allergan and Actavis have made, and while we will review any such agreement in determining our course of action, Valeant cannot justify to its own shareholders paying a price of US$219 or more per share for Allergan,” says J. Michael Pearson, chairman and CEO of Valeant.
Actavis is a global integrated specialty pharmaceutical company focused on developing, manufacturing and distributing generic, brand and biosimilar products.
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