Drug Giant Pfizer Bounces Back From Allergan Setback By Buying, Buying, Buying
It might have been a very different interview. This time last year, pharmaceuticals giant Pfizer was in discussion with rival Allergan in a move that would have seen the US company move its headquarters to Ireland.
The “corporate inversion”, the biggest of its kind ever proposed, was designed to deliver a major tax advantage to Pfizer, which has consistently argued it is penalised financially by virtue of its domicile in the US where corporate tax is levied at up to 35 per cent. For Paul Reid, Pfizer’s country head in Ireland, it would have inevitably meant major changes in his working life.
The “corporate inversion”, the biggest of its kind ever proposed, was designed to deliver a major tax advantage to Pfizer, which has consistently argued it is penalised financially by virtue of its domicile in the US where corporate tax is levied at up to 35 per cent. For Paul Reid, Pfizer’s country head in Ireland, it would have inevitably meant major changes in his working life.