Allergan in $160 Billion Combination with Pfizer

Cleary Gottlieb is advising Allergan, a global pharmaceutical company, which announced today that is has entered into a definitive merger agreement with Pfizer, a global innovative biopharmaceutical company, to create a new global biopharmaceutical leader with best-in-class and established businesses. The transaction is valued at approximately $160 billion.

Under the terms of the proposed transaction, the businesses of Pfizer and Allergan will be combined under Allergan plc, which will be renamed Pfizer plc. The transaction is subject to regulatory approvals and is expected to close in the second half of 2016.