Actavis plc has completed the acquisition of Allergan Inc. in a cash and equity transaction valued at approximately $70.5 billion (€65bn).

The combination creates one of the world’s top 10 pharmaceutical companies by sales revenue, with combined annual pro forma revenues of more than $23 billion (€21bn) anticipated in 2015.

Actavis expects the transaction to realise approximately $1.8 billion in operating and financial synergies within one year following the close. It also expects to generate operating cash flow in excess of $8 billion in 2016.

Allergan has a portfolio of world-renowned brands including Botox, with more than 20 innovative products in near- or mid-term development. The company’s generics pipeline is also positioned to deliver sustainable growth, with about 230 abbreviated new drug applications pending at the US Food and Drug Administration, including approximately 70 first-to-file applications, as well as nearly 1,000 marketing authorisation applications filed outside of the US in 2014.

Actavis intends to adopt a new global name – Allergan – pending shareholder approval in 2015.

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