Pfizer Split, Once Decided, Could Happen Quickly, CEO Says
Pfizer Inc. could complete a business breakup in about one year if the company decides to move forward with a split, CEO Ian Read said during the company’s first quarter sales and earnings call May 3.
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After a phony first week for first-quarter earnings season, the second week was one of missed estimates and reduced guidance at big biotech companies. Last week – the third week – was different again, with big pharmaceutical companies restoring some honor to the life sciences sector.
The White House on April 6 fought back against accusations from Allergan PLC CEO Brent Saunders the Obama administration's move to institute new rules aimed at thwarting corporate inversion was "un-American" and had specifically been constructed to take down the company's $160bn merger deal with Pfizer Inc., which had, indeed, fallen apart in light of the US Treasury Department's actions.
The end of Pfizer Inc.'s $160bn merger with Allergan PLC was nearly official late on April 5 after the US Treasury Department issued new rules endorsed by President Barack Obama to prevent tax inversion deals, leading analysts and industry observers to declare the "PfizerGan" transaction unlikely.