AbbVie (ABBV) said on Tuesday it will acquire Allergan (AGN), which has a portfolio of pharmaceuticals including Botox skin treatment and CoolSculpting for fat loss in a $63 billion cash-and-stock deal.

The combined company will have a combined 2019 revenue of about $48 billion and will have leading positions in health sectors including immunology, neuroscience, women’s health and eye care, they said in a statement.

Investors will get 0.8660 AbbVie shares and $120.30 in cash for each share of Allergan held, marking a total price tag of $188.24. That’s a 45% premium to the Allergan closing price from Monday. AbbVie investors will hold about 83% of the post-deal company, while Allergan shareholders will have 17%.

“The combination of AbbVie and Allergan increases our ability to continue to deliver on our mission to patients and shareholders,” said Richard Gonzalez, chief executive officer of AbbVie. “This strategy allows us to diversify AbbVie’s business while sustaining our focus on innovative science and the advancement of our industry-leading pipeline well into the future.”

Allergan surged 30% in pre-market trading, while AbbVie sank more than 10%.

AbbVie sees $2 billion in annual pre-tax synergies and cost savings by year three, coming from a reduction of overlapping research and development resources, efficiencies in selling, general and administrative expenses and eliminating manufacturing and supply chain redundancies.

Investments in “key growth franchises” will be untouched, AbbVie said.

Debt is set to be reduced by $15 billion to $18 billion by the end of 2021 as the company brings in “significant” operating cash flow, and the deal is seen as accretive to adjusted earnings per share by 10% over the first full year after the close, with a “peak accretion” of more than 20%.

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