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Leerink: Treasury Notice Lowers Pfizer-Allergan Deal Chances, Ownership Test Changes A 'Surprise'

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The US Treasury’s latest move reduced the benefits of a deal between Pfizer Inc. PFE and Allergan plc Ordinary Shares AGN, while limiting the number of corporate tax inversions.

Leerink’s Jason M. Gerberry noted that Pfizer’s break-up fee is now significantly lower, given the adverse changes in tax law, and the Notice “lowers the probability of the deal closing.”

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