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US: Pfizer wants Washington support for $160bn Allergan deal

By  |  November 23, 2015

Pfizer’s chief executive has called on Washington to support its $160bn takeover of Dublin-based Allergan the Financial Times reported. This is in response to politicians including Hillary Clinton that are lined up against the drugmaker’s attempt to slash its tax bill by moving overseas.

The third-largest announced deal in history caps a frenzied year of mergers and acquisitions, bringing the total value of global transactions announced since the start of 2015 to more than $4.2tn. This surpasses the previous record set in 2007 on the eve of the financial crisis, according to Thomson Reuters.

“I cannot comprehend why it’s not being applauded by the political class, or why anyone would want to frustrate this transaction,” Mr Read told the Financial Times. “It’s a great deal for the US, given that it frees up our ability to invest in American science.”

In an attempt to circumvent any political attempt to torpedo the deal, the transaction will be structured as a reverse merger, with Allergan technically buying Pfizer. Allergan will be renamed Pfizer and the new company will continue to trade on the New York Stock Exchange under the PFE ticker.

Full content: The Financial Times

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