Allergan and Pfizer to merge

Pfizer Inc. and Allergan plc announced that their boards of directors have unanimously approved, and the companies have entered into, a definitive merger agreement under which Pfizer, a global innovative biopharmaceutical company, will combine with Allergan , a global pharmaceutical company and a leader in a new industry model - Growth Pharma, in a stock transaction currently valued at $363.63 per Allergan share, for a total enterprise value of approximately $160 billion , based on the closing price of Pfizer common stock of $32.18 on November 20, 2015 . The transaction represents more than a 30 percent premium based on Pfizer's and Allergan's unaffected share prices as of October 28, 2015 . Allergan shareholders will receive 11.3 shares of the combined company for each of their Allergan shares, and Pfizer stockholders will receive one share of the combined company for each of their Pfizer shares.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."