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Pfizer closes in on $150bn Allergan takeover Pfizer seals $160bn Allergan takeover
(about 1 hour later)
The biggest deal in pharmaceuticals history is expected to be announced later after the board of Pfizer approved a bid for Botox-maker Allergan worth a reported $150bn (£100bn). US drugs giant Pfizer has agreed a deal to buy Botox-maker Allergan for $160bn (£106bn), making this the biggest pharmaceuticals deal in history.
If the deal goes ahead, it will create the world's biggest drugmaker. The merger will create the world's biggest drugmaker, to be called Pfizer.
The two companies have been in talks for a number of weeks. Allergan shareholders will receive 11.3 shares in the merged company for each of their Allergan shares.
Analysts have suggested the deal would allow Pfizer to escape relatively high US corporate tax rates by moving its headquarters to Dublin. Analysts have suggested the deal will allow Pfizer to escape relatively high US corporate tax rates by moving its headquarters to Dublin.
Last year, Pfizer made an offer to buy UK drugs group AstraZeneca, which rejected the offer, arguing it undervalued the company.Last year, Pfizer made an offer to buy UK drugs group AstraZeneca, which rejected the offer, arguing it undervalued the company.
Reports suggest Pfizer will offer 11.3 of its shares for each Allergan share. They also suggest the merged company will be run by Pfizer chief executive Ian Read, with Allergan boss Brent Saunders as his second in command. 'Strength to deliver'
A deal would be the latest in a series of mergers and acquisitions in the sector, as pharmaceuticals companies struggle to cope with patents on a number of major drugs expiring, while a better understanding of genetics and disease has led to more targeted medicines with a smaller market. Pfizer boss Ian Read will be chief executive and chairman of the merged company, with Allergan boss Brent Saunders becoming president and chief operating officer.
"The proposed combination of Pfizer and Allergan will create a leading global pharmaceutical company with the strength to research, discover and deliver more medicines and more therapies to more people around the world," said Mr Read.
A finalised deal would be the latest in a series of mergers and acquisitions in the sector, as pharmaceuticals companies struggle to cope with patents on a number of major drugs expiring, while a better understanding of genetics and disease has led to more targeted medicines with a smaller market.