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Allergan (AGN) Stock Soars on Pfizer Deal Speculation

NEW YORK (TheStreet) -- Allergan (AGN - Get Report) shares are flying 9.26% to $313.80 on reports that the pharmaceutical giant was approached by Pfizer (PFE) about a possible merger deal, the Wall Street Journal reports.

If the two combine, this would be the biggest takeover deal of the year and create the largest healthcare group valued at around $330 billion, Reuters said.

If Pfizer were to acquire Allergan, the deal would lift Pfizer's revenue and lower its corporate tax rate, since Allergan is located in Dublin, which has a lower tax rate than the U.S.

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Overall, Bernstein analysts added that Allergan was a good fit for Pfizer.

The two companies declined to comment on speculations, according to

Allergan is a holding of Jim Cramer's Action Alerts PLUS portfolio.

On Thursday morning, Pfizer shares are falling 0.28% to $35.35.

Separately, TheStreet Ratings...