Allergan, a Botox maker, accepted a $66 billion takeover bid from Actavis, according to a Reuters report.
Actavis offered $219 per share in cash and stock, and its shares rose 1.7 percent to $247.94. The deal, however, also included $400 million in research and development cuts for Allergan. The new company will operate from both California, where Allergan is based, and New Jersey, where Actavis is headquartered.
Actavis is a specialty pharmaceutical company focused on developing, manufacturing and commercializing generic and innovative branded pharmaceutical products.
Valeant Pharmaceuticals International was also in the running acquire Allergan, however the company settled for Actavis' offer, according to the report.
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