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| Actavis to buy Botox-maker Allergen $66bn | Actavis to buy Botox-maker Allergen $66bn |
| (35 minutes later) | |
| Actavis is buying Botox-maker Allergan for $66bn (£42bn) to create one of the top ten biggest pharmaceutical companies in the world. | |
| Allergan had spent months fending off a hostile bid by activist investor William Ackman and Valeant Pharmaceuticals. | Allergan had spent months fending off a hostile bid by activist investor William Ackman and Valeant Pharmaceuticals. |
| The cash and shares deal agreed with Actavis is worth about $12bn more than Valeant's offer. | The cash and shares deal agreed with Actavis is worth about $12bn more than Valeant's offer. |
| Actavis said the deal would mean $1.8bn in annual cost savings. | |
| The deal between Allergan, which is also the lead supplier of breast implants, and Actavis is the biggest pharmaceutical deal this year. | |
| Allergan had seen the attempted takeover by Valeant as "hostile" and had expressed concerns that Valeant would reduce research and development in order to make the deal work financially. |