Official: Pfizer and Allergan merger plan terminated
Following frantic speculation since the USA announced new tax regulations aimed at preventing tax inversion orientated M&A activity, the biggest pharmaceutical acquisition deal in history, has been terminated.
As was widely forecast, US pharma giant Pfizer (NYSE: PFE) this morning announced that it will not proceed with its planned $160 billion acquisition of Ireland-domiciled Allergan (NYSE: AGN). This is Pfizer’s second aborted attempt at a tax-inversion directed acquisition; in 2014, after company and political objections, it gave up on its $69 billion (~$98 billion at current exchange rates) takeover of Anglo-Swedish pharma major AstraZeneca.
Pfizer’s shares rose 1% in pre-market opening trading in the USA, percent in trading before the, while Allergan declined less than 1%.
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