Shire’s $32bn takeover of Baxalta rests on planned tax savings and the premise that drug prices will stay high
Cynics used to say the most important employees at pharmaceutical companies were not the scientists, developing novel medicines, but the lawyers, the folk defending the drug patents in court. These days, it seems, the top dogs are tax advisers.
Irish-domiciled Shire’s $32bn (£22bn) takeover of haematology specialist Baxalta of the US will go ahead on rejigged terms because “additional tax due diligence” has revealed that the transaction won’t trigger a thumping great liability.
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