Actavis and Allergan announced that they have entered into a definitive agreement under which Actavis will acquire Allergan.

Actavis will pay $129.22 US in cash plus Actavis shares for each share of Allergan common stock. Based on the closing price of Actavis shares on November 14, 2014, the transaction is valued at approximately $66 billion, or $219 per Allergan share.

The transaction has been unanimously approved by the boards of directors of both companies and is supported by the two management teams. This consequently puts an end to Valeant's attempt to take over Allergan that began several months ago and about which much has been written.

The two companies combined will create one of the top 10 global growth pharmaceuticals with expected revenue of $23 billion in 2015. This deal should close in the second quarter of 2015.

For further details on the transaction: http://agn.client.shareholder.com/releasedetail.cfm?ReleaseID=883356