Robert Cyran, U.S. tech columnist, joined Breakingviews in London in 2003 and moved four years later to New York, where he continues to cover global technology, pharmaceuticals and special situations. Robert began his career at Forbes magazine, where he assisted in the startup of the international version of the magazine. Before working at Breakingviews he worked as a market researcher and reporter covering the pharmaceutical industry. Robert has a Masters degree in economics from Birmingham University and an undergraduate degree from George Washington University. Follow Rob on Twitter @rob_cyran
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The $160 bln acquisition of Allergan will cut taxes and add solid assets, but it’s also causing Pfizer to defer until 2018 a decision on splitting up. Even though the company’s disposals have added greater value than acquisitions, CEO Ian Read seems more eager to bulk up.
The biggest inversion ever will bring hefty tax and cost savings worth slightly more than the $30 bln premium on offer. Snag is, the structure will upset U.S. authorities. And slamming two drug giants together often creates dis-synergies in the labs.
The drug firms are shrugging off Uncle Sam’s latest attempt to prevent mergers predicated on relocating to low-tax jurisdictions. The largest-ever inversion, at some $150 bln, ought to raise pressure on lawmakers to find more comprehensive fixes to the great M&A tax dodge.
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