Pfizer and Allergan announce record $160B merger

November 23, 2015 1:04 PM

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Pfizer and Allergan announce record $160B merger

U.S. pharmaceutical giant Pfizer(PFE) and Irish rival Allergan(AGN) Monday announced a record-breaking $160-billion merger, the largest in health-care industry history and the biggest yet using a controversial tax-saving strategy.

In a transaction expected to create the world's largest drugmaker, the companies said Allergan shareholders would receive 11.3 shares of the newly combined company for each of their existing shares, while Pfizer investors will get one share of the new company for each of their shares.

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