DUBLIN, Ireland— Actavis plc (NYSE: ACT) announced yesterday that it has completed the acquisition of Allergan, Inc. (NYSE: AGN) in a cash and equity transaction valued at approximately $70.5 billion. The combination creates one of the world's top 10 pharmaceutical companies by sales revenue, with combined annual pro forma revenues of more than $23 billion anticipated in 2015.

The finalization of the acquisition came shortly after the two companies received clearance for the transaction from the European Commission.

"The combination of Actavis and Allergan creates an exceptional global pharmaceutical company and a leader in a new industry model—Growth Pharma," said Brent Saunders, CEO and president of Actavis. "Anchored by world-renowned brand franchises, a leading global generics business, a premier pharmaceutical development pipeline and an experienced management team committed to maintaining highly efficient operations across the organization, we are creating an unrivaled foundation for long-term growth.”

Actavis said it continues to expect the transaction to generate double-digit accretion to non-GAAP earnings within the first 12 months, including approximately $1.8 billion in operating and financial synergies to be realized within one year following the close. These synergies exclude any additional revenue or manufacturing synergies, and are in addition to the $475 million of annual savings previously announced by Allergan in connection with Project Endurance. Actavis said it expects to generate strong operating cash flow in excess of $8 billion in 2016, which would enable it to rapidly de-lever the balance sheet.

The close of the transaction creates a global brand pharmaceutical business with leading positions in key therapeutic categories. The company has six leading franchises with combined pro forma 2015 revenues of approximately $15 billion expected, including franchises with annual revenues in excess of $3 billion in eyecare, neurosciences/CNS and medical aesthetics/dermatology/plastic surgery, as well as a portfolio of top brands including Botox, Restasis, Juvederm, Namenda XR, Linzess and Lo Loestrin Fe, among others.

Vision Monday first reported on Actavis’ intent to acquire Allergan in November, 2014.