Pfizer, Allergan In Third-Biggest Merger Ever

Pfizer and Allergan have announced their much-anticipated merger, agreeing a $160bn deal that will be the world's third biggest corporate deal ever, after AOL/Time Warner and Vodafone/Mannesmann. The deal is by far the biggest healthcare transaction in history; the previous largest was also completed by Pfizer (when it bought Warner-Lambert for $90bn 15 years ago).

On a conference call in which Pfizer CEO and CFO Ian Read and Frank D'Amelio and Allergan CEO Brent Saunders...

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