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Pfizer, Allergan agree to $160 billion merger
Modern Healthcare

The boards of Pfizer and Ireland’s Allergan on Sunday approved a merger deal worth $160 billion.

The deal would create the largest drugmaker by sales. It combines cash and stock and is expected to close in the second half of next year, pending customary approval.

Pfizer, based in New York, would gain a lower tax rate by moving its business to Ireland through the transaction, a strategy known as inversion that has grown more common among pharmaceutical companies. A prior attempt by Pfizer to strike an inversion deal failed when the company could not acquire Astra-Zeneca, which is based in London.