Pharmaceutical giant, Pfizer has reportedly nullified its merger with Ireland based company, Allergan following reports of a move by the American Presidency to block the merger.
Allegran is the pharmaceutical company which produces Botox.
The merger was thought to have been driven by Pfizer’s attempt to evade taxes as it moved itits headquarters to Ireland, a country with lower taxes.
The £160 billion merger, one of the biggest in US history is generally believed to be an “inversion”, an attempt by Pfizer to avoid taxes.
President Barack Obama had said “these companies get all the rewards of being an American company without fulfilling their responsibility to pay their fair share of taxes”.