Drug majors Pfizer Inc. and Allergan PLC are in talks to combine, in what would be the biggest takeover in a year, according to The Wall Street Journal. Citing people familiar with the matter, the Journal said Pfizer recently approached Allergan about a merger deal, although one of the sources added the process is still in an early stage and may not end in tie-up. If a deal is struck, antiwrinkle treatment Botox and dry-eye treatment Restasis would be under the same roof as Pfizer’s range of patent-protected medicines. Shares of Allergan jumped 15% ahead of the bell, while Pfizer rose 1.6%.
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