Actavis PLC said today that it completed its acquisition of Irvine-based drugmaker Allergan Inc., currently valued at about $72.5 billion.

The combined company will take the Allergan name and primarily operate from New Jersey, although company officials have said the Irvine operation will be its specialty-drug hub.

Actavis also said Allergan Chief Executive David Pyott "elected not to join" its newly reconstituted 12-member board.

Michael Gallagher and Dr. Peter McDonnell, who were Allergan directors, will be part of the combined company’s board.

“I am excited for the opportunity to pursue new interests, including my work with a few public company boards, several universities in the U.S. and the UK and ophthalmic charities whose goals are to improve eye health in emerging markets,” Pyott said in a release.

“I want to offer my sincere appreciation to David Pyott for his support and hard work in leading Allergan to this historic combination,” said Actavis Chief Executive Brent Saunders, who will hold the same position with the new Allergan.

“His tremendous leadership and impact during his more than 17 years with the company have transformed Allergan into one of the leading healthcare companies in the world,” Saunders said.

Allergan shares were up 1% to a market value of $72.1 billion. Actavis’ shares were flat with a market value of $81.2 billion.

Separately, the S&P 500 named American Airlines to replace Allergan in the stock index.