Actavis (ACT) to Buy Botox Maker Allergan (AGN)

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Actavis (ACT) has agreed to buy Allergan (AGN), maker of Botox, for $66 billion.

actavis-allerganThe deal to buy Allegan comes after Actavis has been attempting a hostile takeover of the company for six months. The deal will have ACT paying $219 per share for AGN. The offer before this for the Botox company was $6 billion less, reports Reuters.

The combined company that will come from the Allegan, Actavis deal will be run by the latter’s CEO, Brent Saunders. The CEO of Allegan claimed he was fighting the acquisition because the cuts made by Saunders would hurt growth in the company and shareholders, Reuters notes.

Saunders has said that Actavis won’t be looking to make anymore large deals in the near future. Instead, he said that the company plans to focus on “small tuck-types of deals,” reports Businessweek.

AGN shares were up 5% as of Monday afternoon and ACT shares were up 1%.

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