American pharmaceutical giant Pfizer on Monday struck a deal to buy Irish company Allergan in a $160 billion deal. The merger is reportedly the biggest ever in the healthcare sector and will create the world’s largest drugmaker by sales. In a statement, it was announced that Pfizer chief executive Ian Read would be the CEO of the combined company, with Allergan chief Brent Saunders being the chief operating officer.

The deal is expected to be completed in the second half of 2016, and the new company will be called Pfizer Plc. The takeover is likely to raise controversy as it allows New York-based Pfizer to escape major corporate taxes in the US by moving its headquarters to Ireland. The move will reportedly draw political ire in the upcoming 2016 United States presidential elections.