Ian Read, Pfizer CEO, said it is very unlikely the company will seek another offshore tax deal due to the Obama administration's efforts to block such deals, according to The Hill.
Here are four notes:
1. So far, New York-based Pfizer has had two successful inversion deals. In 2014, AstraZeneca, a British pharmaceutical company, rejected Pfizer's offer to merge.
2. Pfizer and Dublin, Ireland-based Allergan did not go through with their $160 billion merger after the U.S. Treasury Department put forth roadblocks to stop the merger. Such regulations included stripping the tax benefits Pfizer sought from its merger with Allergan.
3. The $160 billion deal was one of the largest deals between drug companies to date. Allergan CEO Brent Saunders said the U.S. government set those regulations to block the deal. Mr. Saunders said, "For the rules to be changed after the game has started to be played is a bit un-American, but that's the situation we're in."
4. While the company is not currently pursuing inversions, Mr. Read said Pfizer will still consider large merger deals. He said, "If you believe you can reorganize your research into productive smaller units, there is a logic to consolidation of the industry by taking out duplicative expenses."
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