JPMorgan Resumes Pfizer (PFE) at Overweight

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Pfizer Announces Termination of Proposed Combination with Allergan

April 6, 2016 6:45 AM EDT

NEW YORK--(BUSINESS WIRE)-- Pfizer Inc. (NYSE: PFE) today announced that the merger agreement between Pfizer and Allergan plc (NYSE: AGN) has been terminated by mutual agreement of the companies. The decision was driven by the actions announced by the U.S. Department of Treasury on April 4, 2016, which the companies concluded qualified as an Adverse Tax Law Change under the merger agreement.

Pfizer approached this transaction from a position of strength and viewed the potential combination as an accelerator of existing strategies, stated Ian Read, Chairman and Chief Executive... More