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Pfizer Said Near Agreement to Buy Allergan in Biggest Deal

  • U.S. drugmaker may pay as much as $380 per share for Allergan

Pfizer Inc. is in advanced talks to buy Botox maker Allergan Plc for as much as $380 per share, according to people familiar with the matter.

The companies are aiming to announce a deal as soon as Monday, the people said, asking not to be identified because the discussions are private. The price being discussed is $370 to $380 per share, two of the people said. However, the U.S. Treasury Department’s letter on tax inversion deals, released on Wednesday, could delay the final agreement and change the terms of any transaction, another person said.

Representatives for Allergan and Pfizer declined to comment.

A deal at $380 per share would value the company at almost $150 billion and be the biggest health-care deal ever, as well as the largest acquisition this year. Allergan dropped in late...