Pfizer Ltd shares end 3% higher on Allergen deal

Shares of Pfizer Ltd ended nearly 3 per cent higher today after its parent company Pfizer Inc announced to acquire Dublin-based drug maker Allergan in a USD 160 billion deal, the biggest buyout in the healthcare sector.
After surging 8.63 per cent to Rs 2,648 during intra-day on BSE, shares of the company finally ended at Rs 2,500.70, up 2.59 per cent.
At NSE, shares of the company rose by 2.45 per cent to end at Rs 2,502.30.
The company's market valuation went up by Rs 290.14 crore to Rs 11,440.14 crore.
The deal will technically see Allergan buying its much larger partner. It will allow New York-based Pfizer to shift base to Ireland for tax purposes.

Allergan shareholders will receive 11.3 shares in the combined company for each share held.
Pfizer investors will be able to opt for cash instead of stock in the combined company in exchange for their shares, provided the aggregate amount of cash to be paid is not less than USD 6 billion or more than USD 12 billion.
As per the definitive merger agreement that has been approved by the boards of the two companies, Pfizer will combine with Allergan in a stock transaction currently valued at USD 363.63 per Allergan share, for a total enterprise value of approximately USD 160 billion, Pfizer said in a statement yesterday.