Botox manufacturer Allergan, in its bid to evade an aggressive buyout by Valeant Pharmaceuticals, is set to ink the deal with drug-maker Actavis PLC instead, according to sources familiar with the said transaction.

Wall Street Journal, CNBC and Bloomberg reported that an agreement on Actavis' take over Allergan might be announced not later than Monday.

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Bloomberg sources revealed that Actavis offered more than $210 per share in cash and stock, estimating the deal to reach over $62.5 billion.

Representatives for Actavis and Allergan however could not be reached for comment on the transaction.

Valeant Pharmaceuticals and  Pershing Square Capital Management, the investment firm controlled by activist investor William Ackman have been running after Allergan for months, and in its  bid to win back Alergan, on Oct 27, Valeant upped its offer to $200 or more a share.

Allergan responded to Valeant's letter in October saying, that the board will carefully consider if the company will increase its offer. But as of that date, "Valeant's offers have been grossly inadequate and significantly undervalued Allergan," a statement from Allergan's board of directors said.

Allergan, meanwhile, posted a statement on its website, citing doctors aired their concerns regarding the possible "consequences of Valeant Pharmaceuticals International Inc's attempted hostile acquisition of Allergan.''

An open letter posted by Allergan for doctors' signature revealed that Valeant's "acquisition of Allergan would greatly decrease funding for'' research and development.

Botox, Allergan's signature product, celebrates its 25th years this year. It is a cosmetic drug that prevents signals from the nerves to reach the muscles. Once injected, the muscles in the area will no longer contract, causing wrinkles to relax and soften.

Botox is oftentimes applied on the face, particularly on the forehead, around the eye and frown lines.

Other than Botox, Allergan also manufactures Restasis, a popular remedy for dry eyes. With over 11,700 employees, the company operates in 100 countries around the world.

TagsAllergan, Botox, Valeant, Actavis