On Monday, drug maker giant Pfizer Inc. announced it would acquire Botox maker Allergan Pic for $160 billion that would create the world’s largest drugmaker. The combined company will be known as Pfizer Plc and move its headquarters to Ireland led by current Pfizer CEO Ian Read. With the addition of Botox to its portfolio, Pfizer expects the deal to greatly enhance its branded products business.
The announcement marks the biggest merger in 15 years and has receive heavy criticism from Hilary Clinton and others on companies relocating overseas to specifically lower its taxes. Hillary Clinton, a Democratic candidate for president, said, “We cannot delay in cracking down on inversions that erode our tax base.”
“The fact that Pfizer is leaving our country with a tremendous loss of jobs is disgusting,” Trump said in a statement.
Pfizer CEO Ian C. Read has defended the merger stating it would reduce its tax bill and provide more cash to invest in U.S-based jobs. We’ve assessed the legal, regulatory and political landscape and are moving forward with our strategy to combine these two great companies for the benefit of the patients and to bring value to shareholders,” stated Read said on a Monday call with analysts.
