Pfizer and Allergan agree record-breaking merger deal

Pfizer is to combine with Allergan following the agreement of a record-breaking $160 billion (105.89 billion pounds) merger deal.

The transaction is the largest in pharmaceutical industry history and is expected to close in the second half of 2016, creating the single largest pharmaceutical company operating in the sector.

A combined pipeline of more than 100 mid-to-late stage programmes will be created through this merger, with the respective capabilities and expertise of both organisations expected to be complementary.

The new-look business will retain the Pfizer name, with its board to comprise of all of Pfizer's 11 current directors and four current directors of Allergan.

Ian Read, chairman and chief executive officer of Pfizer, said: "The proposed combination of Pfizer and Allergan will create a leading global pharmaceutical company with the strength to research, discover and deliver more medicines and therapies to more people around the world."

Mr Read will remain as chairman and chief executive of the new company, with his Allergan counterpart Brent Saunders to become its president and chief operation officer.