The company called off the acquisition of Allergan after the U.S. Treasury issued the rule preventing the deal. Nevertheless, Chief Executive Officer Ian Read still has the investors support.
Pfizer and Allergan will have to scrap the merger deal following the new regulation from Treasury Department to stop the U.S. company moving overseas.
Pfizer, a US-based drug company, is said to dismiss its merger deal with Allergan. The US drugmaker wants to quit from the $160 billion merger deal since Washington authorities set new rules, making corporate inversions harder.
Pfizer said that net compensation of chief executive officer Ian Read declined 23% in 2015 driven by a drop in stock awards. The chief's net compensation amounted to $18 million in 2015.
Pfizer and other pharmaceutical companies still increase its drugs price in U.S. despite criticism. Mounting objection from politicans and lawmakers is unable to stop market power of companies in the multi-billion dollar phamaceutical industry.
Pfizer today confirmed that the company has increased the price of some of its drugs although it was not revealed how many drugs are involved with the price hike. According to a data by Wolters Kluwer which revealed that more than 100 types of drugs has been increased in its price starting on January 1st.
US Stocks went up across sectors Monday largely due to the increases in the energy sector and the growing acquisition activities in healthcare. Reuters reported that the increases on the first trading day of November happened right after the impressive October figure, which is the best monthly performance of the major indexes in the last four years.
The US companies are keeping their profits made overseas out of the homeland in order to avoid taxes. It's estimated that 500 large US companies are holding over $2.1 trillion accumulated profits overseas to avoid taxes. These companies have to shell out $620billion by paying US taxes to repatriate the funds.
A Phase III trial of Pfizer Inc's Ibrance showed that, in combination with hormone therapy, the drug more than doubled the duration of disease control for women with the most common type of breast cancer.
Pfizer Inc (PFE.N) is the mystery bidder for Swedish Orphan Biovitrum AB (SOBIV.ST), the rare disease specialist which disclosed this week that a potential buyer had made a preliminary offer, people with knowledge of the situation said.
Foreign exchange swings cost North American corporates $18.66 billion in revenue in the fourth quarter, according to a report by currency risk management consulting firm FiREapps.
The Canadian government will require pharmaceutical companies to post public notices when drugs are not available or face fines, Health Minister Rona Ambrose said on Tuesday.
Pfizer Inc (PFE.N) said it would buy Hospira Inc (HSP.N) for about $15 billion to boost its portfolio of generic injectable drugs and copies of biotech medicines.
International donors pledged $7.5 billion on Tuesday to immunize 300 million children in poor countries against deadly diseases such as diarrhea and pneumonia.
The international charity Medecins Sans Frontieres urged drugmakers GlaxoSmithKline and Pfizer on Tuesday to slash the price of their pneumococcal vaccines to $5 per child in poor countries.