Industry & Business

Pfizer pulls out of $160bn merger with Allergan

 Breaking News
  • Fine Grain Property acquires 60,000 square feet office development in Cork Airport Business Park New Year, new acquisition! Fine Grain Property is delighted to announce it has acquired a 60,000 square feet office development in Cork Airport Business Park. Plans are already afoot to carry out some important improvements to the Building that will benefit its existing tenants, including Aviva, Aon Hewitt, JLT and Genesis. In addition, a significant [...]...
  • Irish Technology Sector Has Overtaken Agriculture With 130,000 people now employed, the technology sector has overtaken agriculture as Ireland’s largest industry, according to Ken Finnegan (pictured above), formerly Chief Technology and Research Advisor for IDA Technology Ireland and now Director of Technology & Innovation for the about to be opened Harbour Innovation Campus at Dún Laoghaire. About 15,000 of these tech [...]...
  • 2018 Research and Innovation Conference & Exhibition Provides Insight into the R&D and Innovation Ecosystem in Ireland Designed to foster collaboration between industry, academia and government agencies, the 2018 Research and Innovation Conference & Exhibition attracted over 1,000 visitors from across the major industrial sectors in Ireland to the Citywest Hotel, Dublin, on Wednesday, March 14th. The visitors who braved the inclement weather were able to meet with the key organisations that are [...]...
  • Dunnes Stores Comes Out on Top of a Growing Grocery Market The latest grocery market share figures from Kantar Worldpanel in Ireland, for the 12 weeks ending 25 February 2018, show continued positive momentum among Irish supermarkets, with growth hitting 3.9%. David Berry, director at Kantar Worldpanel, comments: “Shoppers have spent an additional €96 million on groceries over the latest 12 weeks compared to last year and two [...]...
  • New Irish Peer-to-peer Energy Trading Research Project Using Blockchain Technology Imagine a future where Irish consumers will be able to gift or sell their solar power across their neighbourhood as well as sharing and managing their own electricity in a myriad of new ways. EnerPort, a new project launched at the recent International Energy Research Centre (IERC) Annual Conference, aims to accelerate peer-to-peer energy trading [...]...

Pfizer pulls out of $160bn merger with Allergan

April 06
09:28 2016

imagesPfizer has agreed not to go ahead with its proposed $160 billion merger with Dublin-based drugs manufacturer Allergan, in a major victory to US President Barack Obama’s drive to stop tax-dodging corporate mergers.

Pfizer’s board is reported to have voted last night to halt the merger with the Botox manufacturer.

While the new rules did not name Pfizer and Allergan, one of their provisions targeted a specific feature of their merger – Allergan’s previous history as a major acquirer of other companies.

Pfizer may have to pay Allergan up to $400m for its expenses as a result of terminating the deal, according to their merger agreement.

Pfizer had planned to make a decision by 2016 whether to split off its hundreds of generic medicines, but delayed the decision until 2019 after announcing its merger with Allergan.

Besides Pfizer-Allergan, other pending inversion deals that have not yet closed include the proposed $16.5bn merger of Johnson Controls with Ireland-based Tyco International, Waste Connections’ $2.67bn deal with Canada’s Progressive Waste Solutions, and IHS’ $13bn acquisition of London-based Markit.



About Author



Related Articles

New Subscriber

Subscribe Here


National Manufacturing Conference & Exhibition 2018

NIBRT Springboard Success Stories

Upcoming Events

  • No upcoming events
AEC v1.0.4