This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-34900344
The article has changed 9 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Pfizer seals $160bn Allergan takeover | |
(about 1 hour later) | |
US drugs giant Pfizer has agreed a deal to buy Botox-maker Allergan for $160bn (£106bn), making this the biggest pharmaceuticals deal in history. | |
The merger will create the world's biggest drugmaker, to be called Pfizer. | |
Allergan shareholders will receive 11.3 shares in the merged company for each of their Allergan shares. | |
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. |
'Strength to deliver' | |
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. |