Actavis to Acquire Allergan in $66B Transaction

Actavis has entered into a definitive agreement to acquire Allergan in a transaction valued at approximately $66 billion, creating a top 10 global pharmaceutical company with combined annual pro forma revenues of more than $23 billion anticipated in 2015. The transaction was approved by the boards of directors of both companies. 
 
Brent Saunders, chief executive officer and president of Actavis will lead the combined company and Paul Bisaro will remain executive chairman of the board. The senior management teams of both companies will oversee the integration of the two companies, with planning to begin immediately on the transition. Also, two members of the Allergan board will be invited to join the Actavis board following the completion of the transaction.
 
“This acquisition creates the fastest growing and most dynamic growth pharmaceutical company in global healthcare, making us one of the world’s top 10 pharmaceutical companies,” said Brent Saunders, chief executive officer and president of Actavis. “We will establish an unrivaled 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. The combined company will have a strong balance sheet, growing product portfolios and broad commercial reach extending across 100 international markets. Our combined experienced management team is dedicated to driving strong organic growth while capturing synergies and maintaining a robust investment in strategically focused R&D.
 
“Today’s transaction provides Allergan stockholders with substantial and immediate value, as well as the opportunity to participate in the significant upside potential of the combined company,” said David E. I. Pyott, chairman and chief executive officer of Allergan. “We are combining with a partner that is ideally suited to realize the full potential inherent in our franchise. Together with Actavis, we are poised to extend the Allergan growth story as part of a larger organization 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. I am thankful for the hard work and dedication of our employees, and I’m confident they will make many valuable contributions to the combined company. Looking to the immediate future, all of us at Allergan are excited to roll up our sleeves and work closely with the Actavis team to ensure a smooth transition.”