AbbVie Makes $63B Bid for Botox Maker Allergan
Regulators and Allergan shareholders still need to approve the deal
AbbVie is buying Botox maker Allergan in a cash-and-stock deal valued at about $63 billion.
The maker of the blockbuster immune disorder treatment Humira said Tuesday that it will pay $120.30 in cash and a portion of AbbVie stock for each Allergan share. That amounts to $188.24 per share, or a 45% premium to Allergan's closing price Monday.
Shares of Allergan Plc, based in Dublin, Ireland, jumped nearly 30% before the opening bell.
AbbVie shareholders will own 83% of the specialty drug company combination after the deal's completion while Allergan shareholders will have a 17% stake.
Regulators and Allergan shareholders still have to approve the deal.
Shares of AbbVie Inc., based in North Chicago, Illinois, sank 10%.