Actavis to buy Botox maker

Actavis plc agreed to pay about $66bn (€53bn) for Allergan, a deal that creates a new top 10 drugmaker and ends Valeant Pharmaceuticals International’s attempt at a hostile takeover of the maker of Botox.

Actavis will pay $219 a share in cash and stock for California-based Allergan, the companies said in a statement. The price is 10% above Allergan’s closing level on November 14, and the offer includes a higher percentage of cash than Valeant’s bid.

Valeant won’t try and top Actavis’s offer, the company said yesterday. It had waged a months-long takeover attempt with the backing of Pershing Square Capital Management .