Pfizer Hits Pause On M&A To See How US Tax Reform Plays
CEO Ian Read indicated the company will wait to see if the US tax system is overhauled before completing any large-scale M&A, even as many investors are anxious to see Pfizer make an acquisition.
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Pfizer expects its 2018 tax rate will fall to 17% from 23% in 2017 and the firm could repatriate up to $24bn in cash. The big pharma talked about reinvesting in US manufacturing, employee compensation and returns for shareholders, but investors also want to know how it might impact M&A.
Takeda's recent deals include a license in Asian for Tesaro's PARP inhibitor Zejula. Meanwhile, Japanese rival Mitsubishi Tanabe is paying roughly $1bn to acquire Israel's NeuroDerm.
Bristol-Myers Squibb is in the M&A hot seat, and Pfizer could be the one applying fire.