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Westlake Legal Group > Drugs (Pharmaceuticals)  > AbbVie to Acquire Allergan, Botox’s Maker, for $63 Billion

AbbVie to Acquire Allergan, Botox’s Maker, for $63 Billion

Westlake Legal Group 25abbvie-facebookJumbo AbbVie to Acquire Allergan, Botox’s Maker, for $63 Billion Mergers, Acquisitions and Divestitures Drugs (Pharmaceuticals) Botox (Drug) Allergan Inc AbbVie Inc

The drugmaker AbbVie said on Tuesday that it planned to buy Allergan, the maker of Botox, for about $63 billion, in one of the biggest mergers in the health care industry this year.

If completed, the deal would give AbbVie a potent source of popular treatments as it faces the loss of patent protection for its best-selling drug, Humira, a treatment for rheumatoid arthritis.

It is the second-biggest takeover in the pharmaceutical industry announced this year, after Bristol-Myers Squibb agreed to buy Celgene, a maker of anticancer drugs, for $74 billion.

Under the terms of the deal, AbbVie will pay 0.866 of its shares and $120.30 in cash for each share of Allergan. That is worth about $188.24 a share as of Monday’s closing prices, a nearly 45 percent premium on Allergan’s share price.

“This is a transformational transaction for both companies and achieves unique and complementary strategic objectives,” Richard A. Gonzalez, AbbVie’s chairman and chief executive, said in a statement.

Allergan’s chairman and chief executive, Brent Saunders, said that the proposed deal “creates compelling value” for his company’s shareholders and customers.

Shares in AbbVie were down 5 percent in premarket trading on Tuesday, while Allergan shares were up 31 percent. AbbVie is based in Chicago; Allergan has its headquarters in Dublin, although it has many facilities in the United States.

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