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Actavis to buy Forest Labs in US$25 bil. agreement

Irish drugmaker Actavis PLC plans to buy Forest Laboratories Inc. in an approximately US$25 billion cash-and-stock combination that will create a pharmaceutical company with a product portfolio that includes drugs like the Alzheimer's disease treatment Namenda.

Actavis said Tuesday it will pay Forest shareholders US$26.04 in cash and a portion of an Actavis share for each Forest share. The total, per-share price of US$89.48 represents a premium of about 25 percent over Forest's closing price Friday of US$71.39.

Shares of New York-based Forest shot up 35 percent to US$96 in premarket trading, above the price Actavis offered.

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