Pfizer Inc. is set to be thwarted for the second time in less than two years in its pursuit of a transformative, tax-powered deal to position the biggest U.S. drugmaker for long-term growth. The Obama administration has pretty much made sure there won’t be a third try.
Pfizer decided to walk away from its $160 billion merger with Allergan Plc, a person familiar with the matter said. That would mark an abrupt end to what would have been the largest-ever deal in the pharmaceutical industry. It’s also a remarkable turning point in the white hot, election-cycle debate in the U.S. over corporate tax avoidance.
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