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Actavis completes $70.5bn Allergan acquisition

Finalisation comes after bidding war with deal-hungry Valeant

Actavis_administrative_headquarters_Parsippany 

Actavis has completed its acquisition of Allergan for a total value of around $70.5bn.

The combination of the two companies will create one of the world's top ten pharma companies by sales revenue, with combined annual pro forma revenue of more than $23bn anticipated for this year.

Brent Saunders, CEO and president of Actavis, said: “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.

“With the acquisition now complete, we will immediately begin implementing our comprehensive integration plans to ensure that we leverage our strengthened global organisation to generate sustainable organic earnings growth from our newly expanded base.”

The combination enhances Actavis' international commercial opportunities, with its commercial presence spanning across around 100 countries around the world. 

The combined company is expected to invest $1.7bn into its R&D programmes for 2015.

Actavis will also be buying into Allergan's lead product Botox, which has over the past five years gained more medical-based licences outside of its cosmetic indications, and is seen as a major growth product for the future. 

Actavis has also said it plans to change its name to Allergan.

The finalisation comes after a bidding war with Canadian pharma firm Valeant, who lodged a bid of around $53bn for Allergan at the end of last year. 

But Valeant may not be too disappointed as just this week, the firm raised its offer for specialty drugmaker Salix - after its previous bid was trumped by Ireland-based Endo - and has seemingly sealed the deal with a final $11bn offer.

Article by
Kirstie Pickering

19th March 2015

From: Sales

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