Actavis plans name change to Allergan

Staff Writer
Columbus CEO

Drugmaker Actavis plans a name change once it finishes its acquisition of Botox-maker Allergan in a $66 billion deal that the company announced last fall.

Actavis says it will adopt the Allergan name after securing Actavis shareholders' approval of the change and completing the deal later this year.

Ireland-based Actavis outbid Canadian drugmaker Valeant Pharmaceuticals with an offer of about $219 in cash and stock for each Allergan share.

Actavis PLC has grown rapidly through several acquisitions. It polished off a $28 billion purchase of Forest Laboratories last year. Before that, the drugmaker spent $8.5 billion on Warner Chilcott and moved its headquarters to Ireland from New Jersey after merging with Watson Pharmaceuticals.

Actavis shares are climbing after the drugmaker also reported fourth-quarter earnings that topped expectations.