Pfizer to call off $160 billion merger with Allergan
US pharma giant Pfizer Inc (NYSE: PFE) has decided to terminate the $160 billion merger with Botox-maker Allergan Plc (NYSE: AGN) according to reports, ending the biggest pharma deal as the US lawmakers take to enforcing stricter rules for corporations trying to dodge taxes.
The proposed regulations were announced on Monday by the Treasury Department with the aim to cut transactions that aid inversions for the corporates if there have been other similar deals over the past 36 months. For the same period, Allergan has had several similar acquisitions.
Following the termination, Pficer will be required to pay a $400 million fee to Allergan for expenses relating to the deal.
In November, Ireland-headquarter Allergan agreed to merge with Pfizer in a deal to great the largest healthcare entity in the world. The deal would have also brought down the effective tax rate for Pfizer.
The two companies are likely to make a joint announcement terminating the deal on Wednesday.
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