Business

Pfizer to buy Allergan in $226b deal

The merger deal will pave the way for a new pharmaceutical giant as the combined companies are estimated to have an annual sales of $60 billion, thereby putting Merck & Co in the number two spot, with only $40 billion worth of annual sales.

Business

Justice Dept. subpoenas Mylan

At least the fifth major pharmaceutical manufacturer the DOJ's Antitrust Division has hit with such a request, Mylan said in a U.S. Securities and Exchange Commission filing Friday that the subpoena also seeks information about Mylan's communications with competitors about the antibiotics.

Business

China needs more reforms to make yuan true reserve currency

On Monday, the Fund admitted the yuan into its benchmark basket, which determines which countries can receive currency as part of the IMF loans. The IMF had confirmed that decision this past August, on the grounds that doing so would ensure the smooth operation of the system, including if another currency was added.

Business

Pfizer Ltd shares end 3% higher on Allergen deal

The tactic is primarily motivated by the disparity between the US's high 35% corporate rate and the UK's 20% rate, brought in by the coalition to attract additional business in the UK. It'll also keep  Pfizer's  CEO and stock symbol. ( Sarah Menendez/Marketplace ) The U.S. has been trying to crack down on inversions since 2004, said Steve Rosenthal, a senior fellow at the Tax Policy Center.

Business

Kamala Harris gives Conditional Approval for Daughters of Charity Hospital Deal

The conditional approval allows the hedge fund to pay $100 million for the option to purchase Daughters of Charity, which BlueMountain will rename Verity Health System. Between 3 to 15 years, it can be shifted from management to ownership. For five years, St. Vincent must operate as a general acute care hospital, providing 24-hour emergency medical services and a minimum of eight emergency treatment stations and six Fast Track treatment stations.

Business

Pfizer shares zoom almost 9% on Allergen deal

Such deals enable a U.S. company to move abroad and take advantage of a lower  corporate tax rate  elsewhere, and have remained popular in the face of U.S.  efforts to curb them. The U.S. Treasury Department last week unveiled new rules to clamp down on inversions, its second attempt to do so since a wave of these deals peaked in September 2014.