The Pfizer-Allergan Deal Shouldn’t Be Just About Tax Inversion

HBR STAFF

Pfizer and Allergan are set to merge in the biggest combination of the year, valued at $150 billion. It is big in terms of the total corporate assets that are being re-assigned to new owners. But is it also big in terms of the joint value that will likely be created?

The size of a merger transaction and the joint value created are different concepts. Think of it this way: If I sell my car to you, the ownership of the vehicle will be transferred, but no new value is likely to...

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