Tax thread runs through pharma deals

Apr 07, 2014

“Even before the Treasury proposals were announced, there was a huge amount of interest in doing these deals because they can create millions in cost savings.”

- Christopher Cox, co-chair of Cadwalader’s Corporate Group, commenting in the Financial Times regarding the surge in “inversions,” whereby a company uses an overseas transaction to relocate its headquarters, since the U.S. government revealed plans to tighten the rules allowing U.S. companies to re-domicile their tax base. Cox, who advised Ireland’s Elan on its $8.6 billion inversion deal with Perrigo last year, added, however, that the pace of enquiries by U.S. companies has stepped up markedly in the past six weeks.

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