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appalachiablue

(41,144 posts)
Sun Nov 22, 2015, 11:22 PM Nov 2015

Pfizer and Allergan Poised to Announce History's Biggest Healthcare Merger

Source: The Guardian

Move would allow Pfizer to transfer headquarters from US to Ireland, cutting corporate tax range despite US Treasury effort to block such deals.

Pharmaceutical companies Pfizer and Allergan are reportedly on the verge of announcing the largest healthcare merger in history, in defiance of the US government's efforts to crack down on deals that it believes are thinly disguised forms of tax avoidance.

The pending merger, reported on Friday by Reuters and confirmed on Sunday by The Wall Street Journal, could be announced as early as Monday. Forming a company worth more than $150bn, the deal would allow Pfizer to re-domicile from its headquarters in New York to Ireland, where Allergan is based in Dublin. With the move, the new company would cut its corporate tax rate range from 15% to 39% in the US to 12.5% in Ireland.

The pending fusion of the companies would be the largest so-called "inversion" yet, whereby corporations on paper relocate their headquarters to more favorable tax environments by appearing to be bought by much smaller entities. It comes at precisely the moment the US Treasury is attempting to block such deals.

Read more: http://www.theguardian.com/us-news/2015/nov/22/pfizer-allergan-healthcare-merger-corporate-tax









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Pfizer and Allergan Poised to Announce History's Biggest Healthcare Merger (Original Post) appalachiablue Nov 2015 OP
Bad...bad...bad. SoapBox Nov 2015 #1
I'd tell them that they don't have to pay any taxes. BlueJazz Nov 2015 #2
'But the Obama administration has made clear that a solution to the problem appalachiablue Nov 2015 #3
And watch those drig prices Kelvin Mace Nov 2015 #4
Righto, keep making even more profit off the lucrative and dependent chronically ill. appalachiablue Nov 2015 #5
I am certain this will bring many benefits to me, the consumer! Newsjock Nov 2015 #6
Definitely, pharma corporations are always looking out for the best medical treatments appalachiablue Nov 2015 #8
Because we need more mega corporations. Nt abelenkpe Nov 2015 #7
More. proverbialwisdom Nov 2015 #9

appalachiablue

(41,144 posts)
3. 'But the Obama administration has made clear that a solution to the problem
Sun Nov 22, 2015, 11:47 PM
Nov 2015

can only be solved by new legislation. With Congress controlled by Republicans...'

appalachiablue

(41,144 posts)
5. Righto, keep making even more profit off the lucrative and dependent chronically ill.
Mon Nov 23, 2015, 12:01 AM
Nov 2015

It doesn't get much more predatory and evil than that.


appalachiablue

(41,144 posts)
8. Definitely, pharma corporations are always looking out for the best medical treatments
Mon Nov 23, 2015, 01:49 AM
Nov 2015

and the public's welfare through M & As, monopolies and such. Not! With health insurances rates going up, Aetna and Humana now claiming they're not making enough, and pharmaceutical costs going through the roof the writing's on the wall for all but the upper 10% in this country. And govt. is not in our corner obviously.

proverbialwisdom

(4,959 posts)
9. More.
Wed Nov 25, 2015, 05:26 AM
Nov 2015

Last edited Wed Nov 25, 2015, 12:36 PM - Edit history (1)

http://www.counterpunch.org/2015/11/25/pfizer-too-big-and-slippery-to-fail/

Pfizer Too Big (and Slippery) to Fail

NOVEMBER 25, 2015
by MARTHA ROSENBERG


<>

To say Pfizer has been accused of wrongdoing in the past is like saying BP had an oil spill. Even as Pfizer was under a 5-year Corporate Integrity Agreement (CIA) with HHS for withholding $20 million in Lipitor rebates owed to Medicaid in 2002, it was marketing Neurontin for off-label indications which earned it a second CIA in 2004. And even as it entered into the second CIA, it was marketing Lyrica and other meds for off-label indications which earned it a third CIA! Does anyone notice that CIAs are…not a deterrent?

When it comes to corruption and scandals, Pfizer seems to court trouble. It bought Warner-Lambert in 2000 knowing the company’s marketing practices were under criminal investigation and its Rezulin had been withdrawn. Then it bought hormone maker Wyeth knowing it had a thicket of Fen-Phen heart valve suits and Prempro cancer suits. Pfizer admits spying on medical students who were protesting against Big Pharma’s influence in medical education!

During one week in June of 2010, Pfizer

1) agreed to pull its 10-year-old leukemia drug Mylotarg from the market because it caused more not less patient deaths

2) Suspended pediatric trials of Geodon two months after the FDA said children were being overdosed in the trials

3) Suspended trials of tanezumab, an osteoarthritis pain drug, because patients got worse not better, some needing joint replacements

4) Was investigated by the House for off-label marketing of the kidney transplant drug Rapamune and targeting African-Americans

5) Witnessed its client researcher, Scott S Reuben, MD, who put Bextra, Celebrex and Lyrica on the map, trotted off to prison for research fraud

6) was sued by Blue Cross Blue Shield to recoup money it overpaid for Bextra and other drugs

7) received a letter from Sen. Charles Grassley (R-Iowa) requesting its whistleblower policy and

8) had its appeal to end lawsuits by Nigerian families who accused it of illegal trials of the antibiotic Trovan in which 11 children died, rejected by the Supreme Court

Too Big To Fail

In the sentencing memo related to Pfizer’s third CIA, the Department of Justice wrote that “illegal conduct was pervasive throughout the company and stemmed from messages created at high levels within the national marketing team.” Employees, it wrote “including district managers, explained that they did not question their supervisors about the illegal conduct that they were being instructed to carry out, because to do so would be considered a ‘CLM’ or ‘Career Limiting Move.’“

Yet, when I asked industry analysts why the company is not shut down, blocked from tax supported programs like Medicare that enrich it and/or its officers tried and jailed, Peter Rost, MD, author of The Whistleblower: Confessions of a Healthcare Hitman told me, “So many Medicaid, Medicare and VA drugs come from Pfizer, the government would never convict them. It would stop the drug flow.”

<>

RELATED: http://www.fiercevaccines.com/story/pfizer-talks-comprehensive-vaccines-business/2015-07-22
http://www.reuters.com/article/2015/11/10/nvic-on-ncvia-idUSnBw105610a+100+BSW20151110
http://www.businesswire.com/news/home/20151110005610/en/National-Vaccine-Information-Center-NVIC-Calls-Repeal
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