Pfizer, Allergan agree to $160 billion merger

-Pfizer-set-to-make-highe-011The boards of Pfizer and Ireland’s Allergan on Sunday approved a merger deal worth $160 billion.

The deal would create the largest drugmaker by sales. It combines cash and stock and is expected to close in the second half of next year, pending customary approval.

Pfizer, based in New York, would gain a lower tax rate by moving its business to Ireland through the transaction, a strategy known as inversion that has grown more common among pharmaceutical companies. A prior attempt by Pfizer to strike an inversion deal failed when the company could not acquire Astra-Zeneca, which is based in London.

In an effort to take advantage of that lower tax rate, Pfizer and Allergan will be combined under Allergan, which will be renamed “Pfizer PLC.” Pfizer expects the combined firm would drop its current tax rate of 25% to an adjusted rate between 17% and 18%.

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About Peter Coffaro 1430 Articles
A growth-driven and strategic executive, Peter Coffaro commands more than 20 years of progressive management success within the medical device industry. As a District Sales Manager for Stryker Orthopaedics, Peter was responsible for managing and directing a regional sales force to achieve sales and profit goals within the Rocky Mountain region. Previously, he was the Director of Sales & Marketing for Amp Orthopedics. In this role, Peter was responsible for planning, developing, and leading all sales and marketing initiatives. Peter is a former orthopedic distributor in the Pacific Northwest. He has also worked with DePuy Orthopaedics as well as Zimmer, and held positions in sales, sales training, and sales management. Peter has an extensive background in organizational development, business development, sales management, negotiating and P&L management. Peter holds a B.S. degree in Biology from Northern Illinois University.

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