Just months after Bristol-Myers Squibb and Celgene announced one of the biggest drug industry tie-ups in recent memory back in January, another pharmaceutical industry megadeal has landed.

WSJ reports that Abbvie Inc. is nearing a deal to buy Allergan for more than $60 billion, according to people familiar with the matter, as the two big drugmakers bet a merger will help them secure new sources of growth.

The takeover is worth $188 a share in cash and stock and is expected to be announced later Tuesday.

Abbvie will pay most of the price, represents a 45% premium over Allergan’s closing share price Monday of $129.57, in cash. If it wasn't for the recent surge in Botox-maker Allergan's shares over rumors that the company might be breaking up - an eventuality favored by Wall Street - Abbvie would be paying an even larger premium.

Buying Allergan will give Abbvie a dominant position in the beauty drugs space, as well as several popular eye treatments, as the patent protection on Abbvie's Humira, one of the world's best-selling drugs, inches closer to expiry.