Allergan PLC shareholders have approved via a vote the Irish company's $84.2 billion acquisition by AbbVie Inc.
Two separate meetings — one at the Irish High Court and another extraordinary general meeting — were held Oct. 14 to seek shareholders' approval, and more than 99% of the votes cast were in favor of the deal.
The acquisition was announced June 25 at a 45% premium to Botox-maker Allergan's closing price the day before and is expected to close in early 2020.
With the approval, the combined company would be the fifth-largest drugmaker in the world, based on combined 2018 revenue of $48.54 billion.
At the time of the deal announcement, Leerink analyst Marc Goodman said although AbbVie's bid was on the low end despite the "wounded stock," Allergan shareholders would likely be rewarded for sticking with the company as its valuation sank deeper over the course of a year.
The companies have exchanged letters with the U.S. Federal Trade Commission, but the completion is expected to occur on time, they said. Advocacy groups and unions have urged the FTC to block the acquisition.
AbbVie sought out the Allergan deal to make up for potential future losses on its rheumatoid arthritis drug Humira, the best-selling drug in the world, as it is set to see U.S. competition in 2023.