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A sign is seen at the Pfizer manufacturing plant in Newbridge, County Kildare, Ireland, November 12, 2015. REUTERS/Tom Bergin

Pfizer seals $160bn Allergan deal to create drugs giant

Pfizer and Allergen PLC have agreed to a $160 billion inversion deal, which allows the newly created company, Pfizer PLC, to take advantage of a lower corporate tax rate.

Pfizer PLC will become the largest pharmaceutical in the world in terms of sales, which would be a combined $60 billion per year.

The deal is projected to be completed in the second half of 2016, subject to regulatory approval, and Pfizer expects the deal to save them $2 billion in the first 3 years of combined operation.

Although the deal is structured so that it is legal, it raises the question of whether or not the move is responsible.



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