Democratic presidential hopeful Bernie Sanders is urging the US Treasury to prevent the Pfizer-Allergan deal, according to media reports.
Calling it a ‘tax scam” in a letter to the US Secretary of the Treasury Jack Lew, Sanders suggests that blocking the inversion would also serve as strong deterrent to other companies that are contemplating similar. The Vermont Senator writes that preventing the Pfizer-Allergan merger would keep as much as $35B tax revenue in U.S. “The stakes are high.”
The $160 billion Pfizer/Allergan union, if approved, would be the biggest pharmaceutical merger ever and one of the top five deals in all of corporate history. “When we put Allergan and Pfizer together, we will create the preeminent biopharmaceutical company in the world. We will be focused on nine or 10 therapeutic areas including aesthetics,” Brent Saunders, CEO, Allergan said in an interview with Modern Aesthetics in early 2016. This deal would follow a $66 billion merger with Actavis. Stay tuned.Next Story