By Jonathan D. Rockoff
Actavis PLC agreed to buy Allergan Inc. in deal that values the
Botox maker at $66 billion.
Under the deal, Actavis will swap $129.22 in cash and 0.3683
Actavis shares for each Allergan share. Based on the closing price
Friday, the transaction values Allergan at about $219 a share.
The combination will create one of the top 10 global
pharmaceutical companies by sales revenue, with combined annual pro
forma revenue of more than $23 billion anticipated in 2015.
The transaction has been unanimously approved by the boards of
Actavis and Allergan, and it is supported by the management teams
of both companies.
Actavis said it anticipates that the expected permanent
financing structure, consisting of a combination of new equity and
debt, will support an investment grade rating and provide long-term
financing flexibility.
Write to Jonathan D. Rockoff at Jonathan.Rockoff@wsj.com
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