Pfizer has struck a deal to buy Botox-maker Allergan in a transaction valued at about $160 billion and which will create the world's biggest drugmaker.
New York-based Pfizer and Allergan, which has its headquarters in Ireland, confirmed that Pfizer will offer 11.3 of its own shares for each Allergan share.
Pfizer stockholders will receive one share of the combined company for each of their existing shares.
The offer - the biggest ever in the healthcare sector - values Allergan's shares at $363.63 each, compared with the stock's close of $312.46 on Friday.
Pfizer chief executive Ian Read will head the combined company, while Allergan boss Brent Saunders will be chief operating officer.
Pfizer makes drugs such as Viagra and Lipitor.
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