AbbVie to buy Botox-maker Allergan in $63 billion deal

AbbVie to buy Botox-maker Allergan in $63 billion deal

FILE PHOTO: The Allergan logo is seen in this photo illustration in Singapore November 23, 2015. REUTERS/Thomas White/File Photo

(Reuters) – AbbVie Inc said on Tuesday it would buy Botox-maker Allergan Plc in a cash-and-stock deal for about $63 billion to add fast-growing therapeutic businesses such as medical aesthetics and eye care.

Allergan shareholders will receive 0.8660 AbbVie shares and $120.30 in cash for each share held, for a total consideration of $188.24 per Allergan share, a premium of 45% to Allergan’s Monday close.

The deal is expected to add 10% to adjusted earnings per share over the first full year following the close, the companies said.

AbbVie will continue to be incorporated in Delaware as AbbVie Inc and will be led by Richard Gonzalez as chairman and chief executive officer.

Two members of Allergan’s board including Chief Executive Officer Brent Saunders will join AbbVie’s board upon completion of the transaction.

Reporting by Manas Mishra in Bengaluru; Editing by Shinjini Ganguli and Sriraj Kalluvila

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