The US biotech giant Pfizer is expected to pay a record $9,800 per share for its 21st-largest stock, with the cash proceeds going to the healthcare provider’s shareholders.
The deal, announced on Thursday, marks a major shift for Pfizer, which was founded by Eli Lilly and Company founder John S. Lilly.
Under the terms of the deal, Pfizer will pay a premium of nearly $7 billion on a total of $7.3 billion in cash and $2.2 trillion in total market value.
It will receive $1.5 billion of cash and the rest of the cash will be paid over a 10-year period, ending in 2026, the company said.
Pfizer’s shares closed up nearly 7 percent at $27.30.
The transaction, which is subject to customary closing conditions, was valued at about $3.2bn at Thursday’s close.
The company, which has about 4.2 million employees worldwide, has been in talks with Teva over a merger, but has not yet made any formal offers.
Pfizn is one of the top five US companies with revenue of more than $20 billion, according to Thomson Reuters I/B/E/S.
According to the company, Pfizr will be the fourth-largest pharmaceutical company in the US.
It has about 1.4 million employees and employs about 1,000.
Pfizr has been looking for a new leader in healthcare, and has been testing its own product, a vaccine to prevent the coronavirus.
It acquired Avastin, an HIV treatment for AIDS-positive patients, in 2014.
The company has also been exploring the possibility of selling its vaccine to other pharmaceuticals.
Purdue Pharma’s drugs, the other top four in the market, include the Zostavax, a generic version of the Salk vaccine, and the Pregabrzyl, a drug used to treat patients with Alzheimer’s disease and Parkinson’s disease.
“We are excited about our acquisition of Teva, which provides us with the largest and most complete portfolio of clinical grade vaccines in the world,” said Pfizer CEO Martin Shkreli in a statement.
Pfizer also said that it will retain its core strategy, which focuses on developing, developing, and developing new treatments for diseases such as cardiovascular disease, cancer, Alzheimer’s, and HIV.
Pruizer also announced plans to buy another biotech company, Valeant Pharmaceuticals, in a $3 billion deal that is expected in the second half of the year.
Backed by a series of mergers and acquisitions, including a $15.6 billion takeover of drugmaker Eli Lilly last year, Pfizers market value has soared.
On Thursday, Pfennen reported a net loss of $2 billion in the first quarter, compared with a loss of about $1 billion a year earlier.
The healthcare giant has been struggling to compete in a rapidly changing industry.
Last year, it lost more than 10% of its market value, according the S&P 500 Index.