Actavis confirms deal to acquire Allergan

Actavis has confirmed that it has signed a deal to acquire fellow pharmaceutical company Allergan.

The $66 billion (42.15 billion pounds) merger will create one of the world's largest healthcare organisations, with combined annual pro forma revenues of more than $23 billion anticipated in 2015.

It will boast leading blockbuster franchises in ophthalmology, neurosciences and central nervous system conditions, medical aesthetics, dermatology, plastic surgery, women's health, gastroenterology and urology, and is positioned for long-term double-digit organic revenue and earnings growth.

The deal has been approved by the boards of both companies and is expected to close in the second quarter of 2015.

Brent Saunders, chief executive officer and president of Actavis, said: "This acquisition creates the fastest-growing and most dynamic growth pharmaceutical company in global healthcare, making us one of the world's top ten pharmaceutical companies."

Since the merger of Watson and Actavis at the start of 2013, the company has been pursuing an aggressive merger and acquisition strategy, having agreed multibillion-dollar deals to purchase Warner Chilcott and Forest Laboratories in the period since.