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Damian Dovarganes/AP/Press Association Images
big big pharma

Major buyout by Dublin-based firm Actavis will create 'blockbuster' pharma player

The deal with Botox maker Allergan is worth a cool €53 billion.

DUBLIN-HEADQUARTERED FIRM Actavis plans to buy out Botox maker Allergan to create one of the world’s biggest pharmaceuticals companies.

Actavis announced it would pay about $66 billion (€53 billion) in cash and shares for the rival pharma company, which also has significant operations in Ireland.

The tie-up would create one of the world’s top-10 pharmaceutical outfits by sales turnover, expected to hit a combined $23 billion (€18.5 billion) next year alone.

Actavis, which has its administrative base in the US, said the deal would mean its operations spanned everything from neuroscience to plastic surgery.

Chief executive Brent Saunders said: ”We will establish an unrivaled foundation for long-term growth, anchored by leading, world-class blockbuster franchises and a premier late-stage pipeline that will accelerate our commitment to build an exceptional, sustainable portfolio.”

Botox-maker in demand

Allergan runs its main European support office out of Dublin and employs nearly 800 staff in its factory at Westport, Co Mayo.

It previously fended off a $60 billion takeover bid from Canadian firm Valeant and was also flagged for a possible merger with another Dublin-headquartered company, Shire.

The boards of both Actavis and Allergan have given their tick of approval to the deal, although shareholders for the two companies still have to give their approval.

READ: US pharma giant’s €43 billion deal with Ireland-based firm could be off the table now >

READ: Multinationals were worth less to the Irish economy last year as the Viagra effect wore off >

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