Actavis to adopt name of Botox-maker Allergan after completing deal for the drugmaker

MarketsAssociated Press

Drugmaker Actavis plans a name change once it finishes its acquisition of Botox-maker Allergan in a $66 billion deal that the company announced last fall.

Actavis says it will adopt the Allergan name after securing Actavis shareholders' approval of the change and completing the deal later this year.

Continue Reading Below

Ireland-based Actavis outbid Canadian drugmaker Valeant Pharmaceuticals with an offer of about $219 in cash and stock for each Allergan share.

Actavis PLC has grown rapidly through several acquisitions. It polished off a $28 billion purchase of Forest Laboratories last year. Before that, the drugmaker spent $8.5 billion on Warner Chilcott and moved its headquarters to Ireland from New Jersey after merging with Watson Pharmaceuticals.

Actavis shares are climbing after the drugmaker also reported fourth-quarter earnings that topped expectations.