Takeover of Allergan

Allergan Pharmaceuticals whose main Irish production unit is based in Westport has accepted a $66 bn takeover bid from Actavis plc ending a seven month hostile pursuit by Valeant Pharmaceutical International inc.

Actavis offered $219 per share in cash and stock.

Though happier to remain independent,Allergan preferred to deal with Actavis as Valeant has a history of cutting R&D at companies it has acquired in the past.