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Ireland/US: Actavis beats Valeant for Botox maker

By  |  November 17, 2014

Ireland-based Actavis has emerged victorious from a bidding to acquire US-based Botox maker Allergan, according to reports.

Actavis will purchase Allergan for $66 billion, beating out Canada’s Valeant for the deal. Valeant had proposed an unsolicited bid for the assets of $50 billion.

In a statement following news of Actavis’s deal, Valeant Chairman and CEO J. Michael Pearson said he could not justify paying such a high price for Allergan.

Allergan had fought to avoid a hostile takeover for the last six months, say reports. The combined company will have revenue of $23 billion.

Full content: CNBC

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