Allergan Inc. completed its $3.2 billion acquisition of Santa Barbara-based Inamed Corp., the Irvine-based drug maker said Thursday.

Allergan offered $84 per share in cash, or 0.8498 of a share of Allergan common stock, for Inamed. The acquisition was completed under a Delaware short-form merger of an Allergan subsidiary.

The deal had been delayed because it took Allergan a long time to get regulatory approval for the deal and because Allergan took more time than was initially expected to buy at least 90 percent of Inamed’s shares.

A few weeks ago, the Federal Trade Commission approved the acquisition after Allergan agreed to sell Inamed’s rights to Reloxin, a potential competitor to Allergan’s flagship Botox drug. European drug maker Ipsen Ltd. is taking back the rights to Reloxin and plans to sell them to Medicis Pharmaceutical Corp., which lost the bidding war for Inamed to Allergan.

Allergan managed to buy more than 90 percent of Inamed’s shares on March 17. Allergan said Thursday that nearly 94 percent of Inamed’s shares were tendered and acquired.

Allergan, which first made a bid for Inamed in November, expects the purchase to be neutral to earnings this year and to add to earnings in 2007 and beyond. The company plans to integrate Inamed into its operations during the next 100 days. Allergan has hired Boston Consulting Group to help with the integration.

* Mike Mason of the Orange County Business Journal contributed to this story.