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Feds' Crackdown on Tax Dodges Kills $160B Pfizer Merger

New Treasury rules on tax 'inversions' squashed deal with Allergan

(Newser) - Allergan and Pfizer are calling off a record $160 billion merger after the Treasury issued new rules to make tax "inversions" less lucrative, the AP reports. The aggressive changes to US tax laws announced this week helped kill the deal, handing what Reuters calls a "major victory" to... More »

CEO: Pfizer Leaving US Is Good for ... US

Freed-up cash from tax savings could be reinvested back into US: Ian Read

(Newser) - It may seem antithetical that the largest US drugmaker taking off for Ireland would actually prove beneficial to the US, but that's exactly what the CEO of Pfizer is saying after Monday's announcement of its estimated $160 billion "inversion" deal with Allergan, creating the world's biggest... More »

Pfizer Leaving US in World's Biggest Drug Merger

It's combining with Allergan, based in Ireland, in $160B deal

(Newser) - The world is getting a new No. 1 drug company and the US is losing a giant: Pfizer and Allergan agreed to merge Monday in a deal worth an estimated $160 billion, reports Reuters . Pfizer makes blockbusters such as Viagra and Lipitor, while Allergan makes Botox. The deal will result... More »

FDA Considers Lap-Band Surgery for the Less Obese

Proposal could double number of eligible Americans

(Newser) - Weight-loss surgery may soon become a lot more common, as the FDA considers a request to lower the weight threshold for Lap-Band patients. Allergan, the company that makes the band, wants to reduce the minimum BMI from 40 to 35, which could double the number of Americans eligible for the... More »

FDA Slaps Strictest Warning Label on Botox

(Newser) - Botox will now carry the Food and Drug Administration’s strictest warning for pharmaceuticals after the agency raised concerns over the risk of botulism last year, Bloomberg reports. The approval of a rival botulinum toxin for cosmetic purposes prompted the review. The toxin can cause muscle weakness and breathing difficulty,... More »

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