Generics manufacturer Actavis has acquired Allergan, the company that manufactures Botox, for $66bn (£42bn), creating one of the top 10 biggest pharmaceutical companies in the world.

The deal has saved Allergan from a hostile takeover by the Canadian company Valeant, which may have affected its plans to develop therapeutic Botox treatments for conditions like arthritis.

Actavis has also extended its portfolio with the launch of Celecoxib Capsules for the symptomatic relief of osteoarthritis and rheumatoid arthritis, following its patent expiry last month.

The addition strengthens Actavis’ offering of non-steroidal anti-inflammatory drugs, which includes: diclofenac, ibuprofen, indomethacin, meloxicam, nabumetone, naproxen and piroxicam.

The company has also recently launched additional strengths of Reltebon Prolonged-Release tablets, to relieve severe pain which can only be controlled by opioid analgesics.