<<Trump Executive Order Could Revive Allergan-Pfizer Merger
-Emily Stewart TheStreet.com April 22, 2017
The Trump administration’s executive order on tax regulations could revive the defunct Allergan-Pfizer merger. The White House on Friday unveiled a new executive order instructing the Treasury Department to find and review tax regulations since the beginning of 2016 and make recommendations on modifying or repealing any they see as overly complex and burdensome. The order could potentially open the door for pharmaceutical giants Allergan and Pfizer to take another whack at the $160 billion deal squashed by Obama regulations in 2016.>>
NIR has obtained a copy of new correspondence between Pfizer and Allergan. To put it in context, we are first reprinting the farewell note sent by Pfizer CEO Ian Read to Allergan just over one year ago.
My Dearest Allergan:
The last few months have felt like a dream–you and I idling away the hours by the Irish Sea, picking out a spot for our new corporate cottage, singing the names of the staff we were going to keep, whispering the names of those to be laid off. Now we will have to comfort ourselves with what might have been. I particularly regret having left it to our corporate counsel to let you know the sad news–that it’s over. I should have had the courage to tell you myself. It probably felt terribly sudden and cold, it’s not how I wanted it to be, but I think you know it’s best for both of us.
You may be wondering–Was it all about the money? Is that why I am leaving you? No, of course not. Well yes, that’s a big part of it, but not all. We come from different backgrounds, you and I, very different cultures. You being from Southern California, er I mean, Ireland, me from….well I’ve lost track at this point–it’s all very confusing. I’m not sure who I am now, and I don’t want to burden you with it all. To be honest, I’m not sure I ever really got over Astra, she still haunts me. I have a lot to think about, as does my Board–two failed engagements in two years, I just don’t seem to be good at the relationship thing.
As the Pfizer counsel probably mentioned, I am sending you some money–I know it’s not much, but at least it will help you with a fresh start.
There’s just one more thing. You deserve honesty, and you shall have it: When you smile, your mouth kind of changes shape, but your eyes don’t move at all. Nothing. Nada. It sort of creeps me out. You might want to dial back on the Botox, I think you may have overdone it.
My most precious and even more succulent Allergan:
It has been too long and I have only myself to blame. After the anguishing end of our engagement, word had come of your dalliances with the dashing Naurex, the suave and debonair Heptares, and even a tequila-fueled hookup with Merck. I thought that you had moved on, but perhaps you were trying to escape from the prison of your own sadness, much as I did here at Pfizer; culling here, trimming there, but bereft of the sense of tax-advantaged meaning that I thought I had found with you. I still recall with such clarity the tantalizing rise-and-fall of your revenue growth curve.
I am not proud of how I ended our betrothal, I can only attribute it to angst and some pointed directives from my Legal Department. But thanks to a new decree, we may have an opportunity for a fresh start, to once again explore a corporate life together. I have even written a song for you that captures how the loss of our fiduciary union still stings me to the very core of my being:
Every breath you take
Every move you make
Every bond you break
Every step you take
I’ll be watching you….
Oh can’t you see
You belong to me
My poor heart aches
With every step you take….
Since you’ve gone I’ve been lost without a trace
I dream at night I can only see your face
I look around but it’s you I can’t replace
I feel so cold and I long for your embrace
I keep crying baby, baby, please*
*Not actually written by Ian Read. (Sumner, Gordon 1983)