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Pfizer, Allergan Call Off Their $150 Billion Merger
National Public Radio

Pfizer and Allergan won’t be merging after all, the companies announced Wednesday.

U.S. drugmaker Pfizer and Irish competitor Allergan were planning to combine into the largest pharmaceutical giant in the world.

But the agreement worth at least $150 billion has been terminated because of a recent change in U.S. tax rules.

NPR’s Jim Zarroli explained the policy shift on the blog yesterday: “The Treasury Department on Monday introduced rules aimed at reducing the incentives for companies to carry out inversions.