Pfizer to buy Allergan in USD 160bn deal, drugs giant born
US drugs giant Pfizer has sealed a deal to buy Botox-maker Allergan for USD 160bn in what is the biggest pharmaceuticals deal in history.
The takeover could allow Pfizer to escape relatively high US corporate tax rates by moving its headquarters to Allergan’s headquarters in Dublin, the BBC reports.
The merged firm will be the world’s biggest drug maker by sales.
Allergan shareholders will receive 11.3 shares in the new company for each of their Allergan shares.
Pfizer shareholders will receive one share for each of their Pfizer shares.
Both Pfizer and Allergan shares were down 2.1% in early trading in New York following the announcement.
The merged business will be called Pfizer Plc. The companies said they expected the deal to be completed in the second half of 2016, subject to regulatory approval in the US and in Europe.