As Washington cracks down on pharmaceutical company greed, the largest ever health-care-acquisition between Allergan and Pfizer has been dissolved.
Pfizer will have to pay Allergan $400 million in fees for pulling out of the planned $160 billion merger, but the mega-pharmaceutical company will end up paying much more in avoided taxes.
After price-gouging sick Americans for its pharmaceutical drugs, Pfizer plans to slip under the IRS’s radar and dodge an estimated $35 billion tax bill by merging with a foreign company (a $160 billion buyout).
Pfizer, a Monsanto spin-off company, has announced that it will purchase Allergan, the makers of Botox and other drugs in a $160 billion dollar deal. Many argue that the move would create the largest drug company on the planet. It is likely a tactic to move Pfizer’s headquarters overseas to avoid paying US taxes.
