Pfizer gains on $160 billion merger deal with Allergan

The stock rallied 8% to Rs 2,645 on the National Stock Exchange in early morning trade.

Pfizer has rallied 8% to Rs 2,645 on the National Stock Exchange (NSE) in early morning trade after its parent company and global pharma major Pfizer Inc said on Monday that it had struck a $160-billion deal, including debt, to merge with Allergan, the maker of Botox, in one of the biggest takeovers in the health care industry. CLICK HERE TO READ FULL REPORT.

The deal is the latest - and the largest - to be aimed at helping an American company lower its taxes by reincorporating overseas, a practice known as a corporate inversion.

At 09:28 AM, the stock was up 7.6% at Rs 2,630 on the NSE as compared to a marginal 0.09% decline in Nifty 50. A combined 75,553 shares have already changed hands on the counter so far against an average sub 15,000 shares that were traded daily in past two weeks on the NSE and BSE.