Dublin-based pharmaceutical giant Actavis on Tuesday said it closed on its $70.5 billion purchase of Allergan, a deal that makes the Irish company one of the top 10 drugmakers in the world.
Actavis said the newly combined company, which will take on the Allergan name, is expected to net $23 billion in sales in 2015.
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Allergan is known most for its cosmetic drug Botox, but also markets brands Restasis, Juvederm, Namenda, Linzess and Lo Loestrin.
Actavis previously beat out Valeant in a bidding war for the Botox maker after Valeant said it would cut research allocations under a proposed takeover. Actavis in Tuesday’s announcement said the new company would spend $1.7 billion on research and development.
“Our combined company will be built around a customer-focused commitment to partnering with physicians, pharmacists and patients to deliver innovative treatments and enhance access to important therapies around the world,” Actavis CEO Brent Saunders said in the announcement.
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Allergan CEO David Pyott, however, will not join the board of the new company.
The $70 billion deal puts it at the top when it comes big deals in healthcare in 2015. Other big deals announced this year include AbbVie’s $21 billion plan to acquire Pharmacyclics and Pfizer’s plan to acquire Hospira for $17 billion.
Activas stock will be added to the S&P 100 index, while American Airlines will replace the spot Allergan previously held on the S&P 500.
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