Actavis completes Allergan takeover and names new board members

Actavis has announced the completion of its $70.5 billion (47.27 billion pounds) takeover of Allergan, becoming one of the world's top ten largest pharmaceutical companies.

The combined annual pro forma revenues of the new-look company are expected to come to more than $23 billion in 2015, with leading positions in the eye care, neurosciences, medical aesthetics, women's health, gastroenterology and urology fields.

With an expanded international presence in approximately 100 countries, the combined organisation is planning to transition to the Allergan brand name later this year.

Brent Saunders, chief executive officer and president of Actavis, said: "The combination of Actavis and Allergan creates an exceptional global pharmaceutical company and a leader in a new industry model – Growth Pharma."

Coinciding with this announcement, the firm appointed Michael Gallagher and Dr Peter McDonnell, former members of the Allergan board, to the new-look Actavis board of directors.

David Pyott, chairman and chief executive officer of Allergan, has elected not to join the new board, but will continue to serve as chairman of the charitable Allergan Foundation.