Allergan, the maker of Botox, was acquired by Actavis Pharmaceutical today in a deal valued at $66 billion. The price per share in this trade was $219.
Botox, manufactured by Allergan, is the company’s best-selling medication. It is injected into the facial muscles to temporarily smooth out wrinkles and restore a more youthful appearance. Botox has also found medicinal applications, such as in the treatment of migraines and spastic muscles. Research into the effects of Botox on various medical conditions, including osteoporosis and urinary incontinence, is now underway.
“We will develop an unequaled basis for long-term growth, anchored by leading, world-class blockbuster franchises and a top late-stage pipeline that will accelerate our commitment to building an extraordinary, sustainable portfolio,” said Brent Saunders, CEO of Actavis.
This merger of Allergan and Actavis is said to be the largest pharmaceutical deal of 2014.