US pharmaceutical company Pfizer and Irish drug company Allergan have announced a merging deal worth US$160 billion, forming the world’s biggest drug company.
The deal between the two pharmaceutical powerhouses is the second-biggest corporate merger in history, bringing together flagship products such as Viagra, Botox, the Prevnar pneumonia vaccine and treatments for Alzheimer’s and rheumatoid arthritis.
The combined company will benefit from a broader innovative portfolio of leading medicines in key categories, covering a wide range of diseases. Pfizer chief executive Ian Read said,
“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.”
The companies expect it will take seven to nine months for the deal to close.
