White House Takes on Allergan CEO Over ‘Un-American’ Remark
- Rule that ended Pfizer-Allergan merger was kept under wraps
- Lawmakers got briefings less than an hour before announcement
The Washington Monument and Treasury Department are seen with a flag at half staff on Feb. 18, 2016, in Washington.
Photographer: BRENDAN SMIALOWSKI/AFP/Getty ImagesThis article is for subscribers only.
The White House traded accusations of unpatriotic behavior with the CEO of a major drugmaker after unexpectedly tough new rules from the U.S. Treasury Department on corporate inversions derailed a $160 billion merger between Pfizer Inc. and Allergan Plc.
The timing and severity of the new rules, issued Monday, took both companies and even many members of Congress by surprise. By the time the merger’s end was announced less than 48 hours later, surprise had given way to harsh words.