Pfizer, Allergan advance mega-merger

Pfizer Inc. (NYSE:PFE) and Allergan plc (NYSE:AGN) agreed to a merger valued at $160 billion, telling both Wall Street and Washington that investors and regulators should look at the strategic merits rather than the tax inversion effects.

The new business, Pfizer plc (NYSE:PFE), will be domiciled in Ireland and operationally headquartered in New York City. It expects to have an adjusted effective tax rate of 17-18%; Pfizer reported a 25% effective tax rate in its 3Q earnings statement. ...