Pfizer needs a tax inversion deal. Without one, it can't properly compete with overseas companies, simple as that. And if AstraZeneca doesn't want to play, Pfizer is willing to look elsewhere. Even if "elsewhere" means a generics company.
Amid growing action from U.S. lawmakers to curb corporate inversions, top Senate Democrats revealed a plan to rein in the deals that would allow med tech companies to shift their domiciles abroad for tax-paying purposes.
Generics maker Mylan has been laying out billions over the last 12 months for M&A. Now, it has inked a deal for a single drug: Arixtra, an injectable blood thinner that fights clots in the legs and lungs.
In a Tuesday letter, activist investor Bill Ackman urged Allergan's directors to listen to what Valeant's putting on the table and assured them that they could still "rescue" their reputations by taking over leadership from CEO David Pyott, Reuters reports.
Tax inversion deals--buying a controlling share in a sizable company to shave a corporate tax rate--are all the rage among pharma players. But to Ken Frazier, doing a mega deal just to pull off tax inversion doesn't make sense, at least not for Merck.
A little more than two months after announcing a deal to merge with Canada's QLT in a tax-cutting move, Auxilium Pharmaceuticals rolled out a plan today to ax 30% of its staff, narrowing its R&D focus and slashing its annual costs by $75 million a year.
Forget Salix Pharmaceuticals and long-gone Shire. No. 1 on Allergan's list of defensive acquisition prospects could be Ireland's Jazz Pharmaceuticals.
Back last April when Brisbane, CA-based Hyperion agreed to pay $20 million in cash and stock for Israel's Andromeda Biotech, while promising $550 million more in milestones, company execs made much of the late-stage data already in hand for a new Type 1 diabetes drug. Today, though, Hyperion's team threw up their hands and surrendered, claiming that they had been duped by a group of Andromeda staffers and an outside biostatistics firm in Israel which had cooked the books on the data to come up with a favorable result.
PetSmart, the largest global retailer of pet healthcare products and pet supplies, is "exploring" the possibility it will put itself up for sale in the wake of its acquisition of online pet specialty retailer Pet360.com.
Many a U.S. drugmaker has pounced on an opportunity to pick up a foreign company, haul overseas and reap the tax rewards. But while rumors this summer said Illinois-based Hospira would be jumping on the tax-inversion bandwagon, its deal isn't moving quite so quickly.