MORE: Pfizer, Allergan Abandon Deal; PFE Plans Spinoff Decision
(Bloomberg) -- Pfizer and Allergan said they are mutually withdrawing plans to combine after U.S. Treasury announcement on April 4.
- PFE will pay AGN $150m for reimbursement of expenses associated with deal
- PFE still plans to report 1Q on May 3
- Decision comes after Treasury Department on Monday said new rules would limit cos. ability to participate in inversion deals if they’ve already done them in past 36 mos.
- PFE plans to make a decision about whether to pursue a potential separation of innovative and established businesses by no later than 2016 end, “consistent with our original timeframe for the decision prior to the announcement of the potential Allergan transaction”
- NOTE: Earlier, Pfizer Said to Terminate $160b Merger With Allergan
- NOTE: Cos. on Nov. 23 had announced plans to combine through a reverse merger; deal would have given PFE foreign address and lower tax rate
- AGN down 1.5% to $233 in pre-mkt, PFE little changed
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Alert:
HALISTERSource: BFW (Bloomberg First Word)
Tickers PFE US (Pfizer Inc)
AGN US (Allergan plc)
Topics Corporate Inversions
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