Medtronic (NYSE:MDT) remains unfazed by the U.S. Treasury Dept.’s push to rein in so-called “inversion” mergers, which allow American companies to re-organized under foreign jurisdictions, after the agency issued new rules on the deals this week. The U.S. government has grappled with a wave of inversions in recent years, including last year’s $50 billion union of Medtronic and Covidien, […]
Pfizer
Capsugel said to explore sale, IPO
Capsugel‘s private equity owner is said to be exploring a sale or initial public offering for the Pfizer (NYSE:PFE) spinout. A deal could value Capsugel, which makes hard capsules and drug delivery products, at more than $5 billion, Reuters reported, citing “people familiar with the matter.” Private equity shop KKR & Co. (NYSE:KKR) paid $2.38 billion for Capsugel […]
Novartis taps Hospira-sale engineer exec Ball to revive slumping Alcon
Novartis (NYSE:NVS) is looking to revitalize its slumping Alcon eye care division by picking up medical vet Michael Ball, who recently organized Hospira’s $15 billion sale to Pfizer (NYSE:PFE). Ball will replace previous Alcon chief Jeff George, the company announced today. Novartis CEO Joe Jimenez is reportedly putting Ball in control of reviving Alcon. Alcon […]
Report: Pfizer mulls sale of Hospira infusion pump biz
Pfizer (NYSE:PFE) is reportedly mulling a sale of the infusion pump business it acquired along with Hospira last year, aiming to focus on its core branded pharmaceuticals business. Hospira makes generic versions of injectable drugs used in hospitals, pumps to deliver them and also sells biosimilars or copies of biotech drugs. New York City-based Pfizer closed the $15 […]
Johnson & Johnson, Medtronic make BCG’s most innovative list
Johnson & Johnson (NYSE:JNJ) and Medtronic (NYSE:MDT) were named in the Boston Consulting Group’s list of the 50 most innovative companies this year at the 20 and 42 spot, respectively. Apple (NSDQ:AAPL) and Google (NSDQ:GOOG) took the top 2 spots on the list. Other notable entries were Gilead at number 8, Bayer‘s (ETR:BAYN) at 11, Biogen (NSDQ:BIIB) at […]
UPDATE: Pfizer’s $160B Allergan buy sparks cry for tax-inversion crack down
Updated with extra politician comments and tax-inversion data. Pfizer (NYSE:PFE) said today it will buy Botox maker Allergan (NYSE: AGN) for approximately $160 billion and slash its tax bill in the largest-ever tax inversion to date. To avoid restrictions, smaller, Dublin-based Allergan is buying Pfizer, though the combined company will still be known as Pfizer and will still be […]
Pfizer, Allergan finalizing $150B merger amidst inversion clamp-down
Pfizer (NYSE:PFE) and Allergan (NYSE: AGN) are in the final stages of discussion to close a $150 billion all-out stock deal as the U.S. Treasury prepares to clamp down on tax inversion deals. Pfizer will pay $370 to $380 per share for Allergan, according to Reuters. Allergan shares are trading at $312.46 as of 4:02 p.m. […]
Pfizer-Allergan deal a prelude to splitting company
(Reuters) — A Pfizer (NYSE:PFE) merger with Ireland-based Allergan (NYSE: AGN), in addition to providing tax benefits, would bolster the U.S. drugmaker’s growth prospects should it decide to sell or spin off its portfolio of products that have gone off patent. Many Wall Street analysts believe Pfizer will decide to split late next year, after compiling […]
Possible Pfizer-Allergan tie-up sparks fresh tax inversion angst on Capitol Hill
(Reuters) — Pfizer (NYSE:PFE) faces political risks in Washington if it proceeds with a bid for Allergan (NYSE: AGN), but with little chance of legislation to curb such tax inversion deals, the Obama administration may be able to throw up only limited obstacles. Lawmakers are widely seen as unlikely to tackle major tax code changes before […]
Pfizer, Allergan in talks on merger
(Reuters) — Allergan (NYSE: AGN) and Pfizer (NYSE:PFE) today confirmed that they’re in preliminary, friendly talks on a potential merger, a deal that would create the world’s largest drugmaker. Both Pfizer and Allergan said no agreement has been reached and declined to discuss any terms that might lead to such a tie-up. Allergan shares jumped 8.2% to […]
Wyeth, Cordis bury the hatchet in stent patent spat with Abbott, Boston Scientific
A quartet of medical companies agreed yesterday to bury the hatchet in their 6-year-old battle over the patent covering drug-eluting stent technology. Wyeth, now part of Pfizer (NYSE:PFE), and onetime Johnson & Johnson (NYSE:JNJ) subsidiary Cordis (which this week became a part of Cardinal Health), sued Abbott (NYSE:ABT) and Boston Scientific (NYSE:BSX) in 2009, alleging that […]