After failing in its bid to acquire AstraZeneca in 2014, Pfizer has found another means of moving its tax domicile from the US by agreeing to merge with Allergan in a US$160 B deal. The transaction is by far the largest in the history of the pharmaceutical industry, eclipsing Pfizer’s US$90 B takeover of Warner-Lambert in 2000. In pursuit of growth, the deal also offers Pfizer diversification into new therapy areas thanks to key products such as Botox® (onabotulinumtoxinA) and Restasis® (cyclosporine ophthalmic emulsion) and will add 70 mid- to late-stage development opportunities to its R&D pipeline.