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Biotech / Medical : biotech firesales

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From: Julius Wong	4/4/2016 9:28:30 PM
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Allergan -19% following Secretary Lew’s remarks on corporate tax inversions Ireland-based Allergan (NYSE: AGN), which plans to merge with Pfizer (NYSE: PFE), is plunging in AH trading after the Treasury Department says it has issued new rules to curb so-called tax inversions. Treasury Secretary Jacob Lew: “Some companies are serial inverters. They acquire multiple U.S. firms in stock-based transactions over a short period of time. This increases their size and reduces the negative tax consequences of a subsequent inversion. Today’s action takes away a significant amount of the tax benefits of these serial inversions.” “We are also taking action to curb the use of earnings-stripping,” continues Lew, “by focusing on transactions that generate large interest deductions by simply transferring debt between subsidiaries without financing new investment in the United States.” Pfizer is up 1.9% in AH trading.

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