Pfizer scraps $160 bln merger with Allergan

GMT 11:13 2016 Wednesday ,06 April

Arab Today, arab today Pfizer scraps $160 bln merger with Allergan

New York economy
New York - AFP

US pharmaceutical giant Pfizer said Wednesday it was abandoning plans for a $160 billion merger With Allergan, citing new US rules cracking down on tie ups aimed at saving on taxes.

The deal with the Irish-based firm would have created the world's largest pharmaceutical company.

Pfizer said in a statement the two companies had agreed jointly to scrap the project.

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