Allergan (AGN) Ratings Affirmed by Moody's Amid Scrubbed Deal with Pfizer

Wall Street set for higher open as oil rebounds

April 6, 2016 7:40 AM EDT

By Abhiram Nandakumar

(Reuters) - U.S. stocks were set to open higher on Wednesday as oil rose and investors awaited the release of minutes from the Federal Reserve's March meeting on monetary policy.

U.S. crude rose more than 2 percent on renewed hopes of a deal by producers to freeze output and cut a global glut. [O/R]

Investors will parse the minutes to gain insight into the Fed's thinking on the economy and interest rates.

The market has been grappling with mixed signals from central bank officials, with some supporting an aggressive... More

Leerink Partners Cuts Price Target on Allergan (AGN) Following New U.S. Treasury Regulations

April 6, 2016 7:13 AM EDT

Leerink Partners maintained an Outperform rating on Allergen (NYSE: AGN), and cut the price target to $272.00 (from $340.00), following new U.S. Treasury regulations. The Treasury's temporary regulation regarding new tax inversion rules creates a risk to PFE (MP) - AGN closing.

Analyst Jason Gerberry... More

Pfizer, Allergan scrap $160 billion deal after U.S. tax rule change

April 6, 2016 6:53 AM EDT

By Caroline Humer and Ankur Banerjee

(Reuters) - U.S. drugmaker Pfizer Inc (NYSE: PFE) and Ireland-based Allergan Plc (NYSE: AGN) walked away from their $160 billion merger on Wednesday, a major win for President Barack Obama, who has been pushing to curb deals in which companies move overseas to cut taxes.

Pfizer said the decision was driven by new U.S. Treasury rules aimed at such deals, called inversions. The merger would have allowed New York-based Pfizer to cut its tax bill by an estimated $1 billion... More

Allergan (AGN) Affirms Termination of Pfizer (PFE) Merger; Affirms Strength as Standalone Company

April 6, 2016 6:47 AM EDT

Allergan plc (NYSE: AGN) announced that its merger agreement with Pfizer (NYSE: PFE) has been terminated by mutual agreement, effective . In connection with the termination of the merger agreement, Pfizer has agreed to pay Allergan $150 million for reimbursement of expenses associated with the transaction.

Allergan reiterated its compelling standalone growth profile and strategy following the announced termination of the combination of the two companies. Allergan is positioned to drive strong, sustainable growth powered by leading franchises, new potential blockbuster product launches and unmatched pipeline.

"While we... More