Actavis to spend $66 billion on Botox-maker Allergan, which has fought takeover by Valeant

Markets Associated Press

Actavis is paying $66 billion to buy fellow drugmaker Allergan in a deal that could finally end a months-long takeover battle waged by Valeant Pharmaceuticals for the Botox maker.

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Actavis said Monday that it will spend $219 in cash and stock for each share of Allergan.

That tops a bid for Allergan valued at about $53 billion and made last spring by Valeant Pharmaceuticals International Inc. and the hedge fund Pershing Square Capital Management. That offer totaled about $179 in cash and stock.

Allergan resisted the Valeant deal for months, but its board has unanimously approved the Actavis offer.