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David E.I. Pyott
Allergan sale to Actavis complete; CEO David Pyott is leaving
Allergan sale to Actavis complete; CEO David Pyott is leaving

The $70-billion purchase of Botox maker Allergan Inc. of Irvine by Irish company Actavis has closed, Actavis confirmed Tuesday. Allergan’s longtime leader, David E.I. Pyott, will not have a position in the new company, which will be called Allergan. 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 because Wall Street embraced the deal....

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