Business News

Pfizer purchases Allergan in massive healthcare deal

By Business & Finance
23 November 2015
Grange Castle Development Lab Pfizer

Pfizer has secured the acquisition of Botox maker Allergan in a deal worth over $150bn.

The deal is the largest ever in the healthcare sector and will involve Pfizer paying 11.3 of its shares for each Allergan share.

Chief executive at Pfizer, Ian Read, will be CEO of the combined company, with Brent Saunders, CEO at Allergan, serving in a senior role.

Widely used Pfizer drugs such as Lipitor, Viagra and nerve pain treatment Lyrica would be brought together with Allergan’s Namenda memory loss treatment, Restasis dry eye medication and other leading eye-care brands.

Pfizer has reported losses on its higher-taxed US business in each of the past five years.

Saunders has enjoyed much success in the industry over the past five years with Bausch & Lomb, Forest Laboratories and Swiss company Actavis, which took the Allergan name after acquiring it this year.

Allergan currently employs 850 people in Ireland.