Pfizer and Allergan are set to reach a $150 billion deal that would create the world's largest drug maker in terms of sales, according to the Wall Street Journal.
Not only would it be the biggest-ever merger in health care, it would also be the largest "inversion" in history.
An inversion is a tax-saving maneuver in which a U.S. business reincorporates in another country, one with a lower business tax rate. That helps the American company save money.
Allergan, which makes Botox, is based in Ireland.
"Allergan's businesses align with and enhance Pfizer's businesses, creating best-in-class, sustainable, innovative and established businesses that are poised for growth," Ian Read, Pfizer's CEO and chairman, said in a statement.
"Through this combination, Pfizer will have greater financial flexibility that will facilitate our continued discovery and development of new innovative medicines for patients, direct return of capital to shareholders, and continued investment in the United States, while also enabling our pursuit of business development opportunities on a more competitive footing within our industry," he said.
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