Chicago: The specialty drug company AbbVie will spend $63 billion to acquire Allergan, the maker of Botox and other cosmetic treatments. The two pharmaceutical companies have little in common, save for a desire to reinvigorate growth that has sputtered. Shares of AbbVie are down 16 per cent over the past year and shares of Allergan are down 24 per cent. “This is a transformational transaction for both companies and achieves unique and complementary strategic objectives,” said AbbVie CEO and Chairman Richard Gonzalez in a prepared statement Tuesday. Also Read – Maruti cuts production for 8th straight month in Sep”The combination of AbbVie and Allergan increases our ability to continue to deliver on our mission to patients and shareholders.” The maker of the global blockbuster immune disorder treatment Humira will pay $120.30 in cash and a portion of AbbVie stock for each Allergan share. That amounts to $188.24 per share, or a 45 per cent premium to Allergan’s closing price Monday. AbbVie is facing the expiration of patent protection for Humira, which brought in a staggering $20 billion in sales last year. Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to CustomsIndustry analysts had been anticipating a move by AbbVie to offset the introduction of generics to an extremely valuable pipeline for the company. “We are unsurprised by the timing and the target of the deal given (AbbVie’s) Humira patent cliff,” wrote Citi analyst Andrew Baum. Shares of Allergan Plc, based in Dublin, Ireland, soared 31.2 per cent in premarket trading Tuesday. AbbVie shareholders will own 83 per cent of the specialty drug company combination after the deal’s completion, while Allergan shareholders will have a 17 per cent stake. Gonzalez will remain chairman and CEO at AbbVie. Two members of Allergan’s board, including chairman and CEO Brent Saunders, will join AbbVie’s board once the deal closes.