Pfizer and Allergan to merge
14:44
The board of directors at Pfizer and Botox producer, Allergan will conduct a merger, a press release read. Consequently, the biggest pharmaceutical company will be created.
Pfizer will acquire Allergan in a stock transaction currently valued at $363.63 per Allergan share, for a total enterprise value of some $160 billion, based on the closing price of Pfizer common stock at $32.18, as of November 20, 2015, the press release also read. The transaction represents a more than 30 percent premium based on Pfizer’s and Allergan’s unaffected share prices as of October 28, 2015. Allergan shareholders will receive 11.3 shares of the combined company for each of their Allergan shares, and Pfizer stockholders will receive one share of the combined company for each of their Pfizer shares.
"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 therapies to more people around the world," Ian Read, chairman and CEO at Pfizer said as quoted in the press release.
