November 23, 2015

Willkie client Morgan Stanley serves as financial advisor to Allergan in its historic agreement to combine with Pfizer for an enterprise value of $160 billion.

On November 23, it was announced that Allergan plc (NYSE: AGN) and Pfizer Inc. (NYSE: PFE) will combine for a total enterprise value of approximately $160 billion, creating a new global biopharmaceutical leader. Willkie represented Morgan Stanley as financial advisor to Allergan in connection with the proposed transaction, which is expected to close in the second half of 2016.

Pfizer and Allergan will be combined under Allergan plc, which will be renamed “Pfizer plc.” Shares of the combined company will be listed on the New York Stock Exchange and trade under the “PFE” ticker.

The combined company will benefit from a broader, innovative portfolio of leading medicines in key categories, including aesthetics and dermatology, eye care, gastrointestinal, neuroscience and urology, and a platform for sustainable growth with diversified payer groups. The addition of Allergan will enhance Pfizer’s R&D capabilities, with a combined pipeline of more than 100 mid-to-late stage programs in development.

The deal was handled by partner Robert Stebbins and associate Howard Block.