BUSINESS

Actavis to spend $66 billion on Botox-maker Allergan, which has fought takeover by Valeant

11/17/2014 09:33 EST | Updated 01/17/2015 05:59 EST
Actavis is paying $66 billion to buy fellow drugmaker Allergan in a deal that could finally end a months-long takeover battle waged by Valeant Pharmaceuticals for the Botox maker.

Actavis said Monday that it will spend $219 in cash and stock for each share of Allergan.

That tops a bid for Allergan valued at about $53 billion and made last spring by Valeant Pharmaceuticals International Inc. and the hedge fund Pershing Square Capital Management. That offer totalled about $179 in cash and stock.

Allergan resisted the Valeant deal for months, but its board has unanimously approved the Actavis offer.