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European Commission approves Actavis' pending acquisition of Allergan

The European Commission has granted clearance for Actavis’ pending acquisition of Allergan, the two companies announced today.

The clearance fulfilled the final regulatory condition necessary to close the pending acquisition, which is expected to be effective on or around March 17 and remains subject to customary closing conditions, according to a press release.

Actavis announced in November its plans to acquire Allergan in a transaction valued at $66 billion, or $219 per share in cash and Actavis shares.

Actavis announced in February that it intends to adopt Allergan as its corporate name and for its global branded pharmaceutical portfolio. However, select geographic regions and product portfolios will retain the Actavis name, according to a separate press release at that time.

References: www.actavis.com, www.allergan.com.