On April 4, the U.S. Treasury implemented new regulations on tax inversions, which acted as a major roadblock to the pending Pfizer and Allergan merger, according to CNBC.
Here are four things to know:
1. The regulations stripped the tax benefits New York-based Pfizer sought from its merger with Allergan, based in Dublin, Ireland.
2. Allergan CEO Brent Saunders said the U.S. government set those regulations to block the deal, valued at $160 billion.
3. To save money in tax revenues, Pfizer recently moved its tax addresses to Dublin. Many political figures such as Hillary Clinton scorned the move.
4. The $160 billion deal is one of the largest deals between drug companies to date.
"For the rules to be changed after the game has started to be played is a bit un-American, but that's the situation we're in," Mr. Saunders said.
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