New Yorker: Pfizer-Allergan merger a 'disgrace'
Pharmaceutical company Pfizer made headlines on Nov. 23 when it announced its plan to buy Ireland-based Allergan for approximately $160 billion.
John Cassidy of The New Yorker wrote about the big news, pointing out that it is widely acknowledged that the deal is primarily to help Pfizer avoid paying the U.S. corporate tax rate. Cassidy wrote at length on the subject, describing the potential merger as “nothing short of a disgrace.”
“Drug companies like Pfizer have long benefitted from taxpayer-funded research carried out under the auspices of organizations like the National Institutes of Health and the National Science Foundation,” Cassidy wrote. “Now, Pfizer is seeking to avoid paying the taxes that are due on its profits, particularly profits generated by its overseas subsidiaries. Even though the Obama Administration doesn’t have the legal powers to block the Allergan transaction, it should seek to shame Pfizer and its board of directors into calling it off.”
Click below to The New Yorker’s website and read the full text.
Michael has more than 16 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.