AbbVie makes $63 billion bid for Botox maker Allergan

By Tom Murphy, The Associated Press
Facing competition for the world’s top-selling drug, AbbVie will spend about $63 billion to buy Botox maker Allergan as it attempts to spur future growth.
The specialty drugmaker said Tuesday that the addition of Allergan’s established product lineup will help AbbVie shore up revenue as near-identical biosimilar drugs start to eat away at sales of its global blockbuster immune disorder treatment Humira.
Allergan was long based in Orange County unti