The $70-billion purchase of Botox maker Allergan Inc. of Irvine by Irish company Actavis closed on Tuesday.
Allergan's longtime leader, David E.I. Pyott, will not have a position at Actavis, which is expected to take the Allergan name later this year, pending shareholder approval.
The combination creates one of the 10 largest pharmaceutical companies in the world, in terms of revenue, Actavis said in a news release. The new company estimates it will reach $23 billion in sales this year.
In November, Actavis agreed to buy Allergan for a combination of cash and stock that was valued then at $66 billion. The sale price increased as Actavis' stock gained value, in part...