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BREAKING NEWS

Pfizer secures Allergan takeover deal to create new drugs giant

A potent mix of Viagra and Botox is on the cards: their makers have agreed the healthcare sector’s biggest ever takeover deal. The transaction to

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Pfizer secures Allergan takeover deal to create new drugs giant

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A potent mix of Viagra and Botox is on the cards: their makers have agreed the healthcare sector’s biggest ever takeover deal.

The transaction to combine the two manufacturers has been valued at around $160 billion (150 billion euros).

Last month it was reported that Pfizer and Allergan were in talks over a merger.

Viagra’s manufacturer, the New York-based Pfizer will keep its name – and crucially, may be able to escape the US corporate tax rate of 35 percent – one of the highest in the world.

Instead, by shifting its headquarters to Dublin under a so-called “inversion” deal, the home of Botox maker Allergan, it may see its tax liability plunge.

Ireland’s business tax rate is just 12 and a half percent.

The companies say they expect the deal to be completed in the second half of 2016.