Allergan Drops as Treasury Plans to Deter Inversion Deals
- Ireland-based drugmaker in talks for deal with NY-based Pfizer
- Lew says Treasury to reduce economic benefits of transactions
Can U.S. Treasury Stop the Pfizer-Allergan Deal?
This article is for subscribers only.
Allergan Plc, the Ireland-based drugmaker in talks to be taken over by Pfizer Inc., dropped in late trading on plans by the U.S. Treasury Department to deter companies from doing deals to move their headquarters abroad for tax purposes.
Shares of Allergan slid 4.4 percent to $297 in extended trading. The company’s potential deal with New York-based Pfizer is predicated, in part, on giving the larger drugmaker a way to reduce its tax rate by becoming nominally Irish. Allergan’s principal executive offices are in New Jersey.