AbbVie Inc. announced Tuesday it inked a “transformative” deal to buy Allergan for about $63 billion.

Continue Reading Below

The pharmaceutical company will be acquired in a cash and stock deal, with the transaction equity value based on AbbVie’s closing stock price of $78.45 on Monday.

“This is a transformational transaction for both companies and achieves unique and complementary strategic objectives,” Richard A. Gonzalez, AbbVie’s chairman and chief executive officer, said in a news release. “The combination of AbbVie and Allergan increases our ability to continue to deliver on our mission to patients and shareholders.”

MORE FROM FOXBUSINESS.COM…