All Eyes on Pfizer as Shareholders Await the Mega-Deal: Real M&A

Pfizer Inc. built itself into a $212 billion behemoth by spending more money on acquisitions than any other drugmaker in the world. Still, Pfizer’s next purchase is what will really leave its mark as a dealmaker.

The company may be plotting its biggest purchase yet to solve its biggest gripe: taxes. It pays a higher rate than most of its rivals, and Chief Executive Officer Ian Read has made it no secret that he wants to change that. It made a failed run at AstraZeneca Plc last year in what would have been a $120 billion tax-inversion deal.