Deal will create one of the top 10 global pharmaceutical companies by sales revenue
Dublin-headquartered speciality pharmaceutical company Actavis received clearance from the European Commission to go ahead with its acquisition of Allergan for approximately US$70.5bn and has now completed the transaction.
Clearance by the European Commission satisfied the final regulatory condition to the closing of the pending acquisition, the company said.
Together, the companies become one of the world's top 10 pharmaceutical companies by sales revenue, with combined annual pro forma revenues of more than $23bn anticipated in 2015.
Brent Saunders, CEO and President of Actavis, said: 'Anchored by world-renowned brand franchises, a leading global generics business, a premier pharmaceutical development pipeline and an experienced management team committed to maintaining highly efficient operations across the organisation, we are creating an unrivalled foundation for long-term growth.
'Our combined company will be built around a customer-focused commitment to partnering with physicians, pharmacists and patients to deliver innovative treatments and enhance access to important therapies around the world. We have industry-leading global commercial strength, with sustainable blockbuster brand franchises in key therapeutic categories and broad commercial reach extending across approximately 100 countries.'
We are creating an unrivalled foundation for long-term growth
Saunders added: 'Supporting the growth of this innovative industry model is our strategically focused R&D engine, built on novel compounds in speciality and primary care markets where there is significant unmet medical need, and fuelled by approximately $1.7bn in annual investment.
'With the acquisition now complete, we will immediately begin implementing our comprehensive integration plans to ensure that we leverage our strengthened global organisation to generate sustainable organic earnings growth from our newly expanded base.'
The finalisation of the deal creates a global brand pharmaceutical business with leading positions in key therapeutic categories. The company has six blockbuster franchises with combined pro forma 2015 revenues of approximately $15bn expected, including franchises with annual revenues in excess of $3bn in eye care, neurosciences/CNS and medical aesthetics/dermatology/plastic surgery, as well as a portfolio of well-known brands including Botox, Restasis, Juvederm, and Linzess, among others.
The combination enhances Actavis' international commercial opportunities. The company has an expanded commercial presence now including approximately 100 countries, with an enhanced presence across Canada, Europe, Southeast Asia and Latin America and a strong footprint in China and India.
The combined company has more than 20 products in near- or mid-term development, including Cariprazine, Eluxadoline, Esmya, Aczone X and Darpin AMD.
The senior management team of the combined company will include leaders from both Actavis and Allergan.