Pfizer was set to secure formal board approval Sunday for its acquisition of Botox maker Allergan for more than $150 billion, creating the world’s biggest drug maker, according to people familiar with the matter.
The deal is sure to draw political ire in a presidential election year because Pfizer would move to Ireland, where Allergan is registered, in an “inversion” that would slash its corporate tax rate.
It also would reignite debate in the pharmaceutical industry over the role of research and development, with Allergan chief executive Brent Saunders, a prolific dealmaker and a skeptic of in-house drug discovery, joining the combined company in a position to influence its strategy.
Pfizer’s chief executive Ian Read, 62, will be chief executive of the combined company, with Allergan chief executive Brent Saunders, 45, serving in a senior role focused on operations and the integration, the people added.
Black man’s killing in Minnesota investigated: Justice Department attorneys were expected to fly to Minnesota on Sunday to investigate the killing of a black man that has prompted protests and calls for the two Minneapolis police officers involved in the shooting to be prosecuted. A key issue during their visit will be whether authorities should release to the public videos of the fatal shooting of Jamar Clark, 24, a week ago.
New York authorities simulate terrorist response: Hundreds of New York emergency responders simulated a coordinated terrorist attack Sunday, days before one of the city’s biggest public events: the Macy’s Thanksgiving Day Parade. The long-planned drill at a Manhattan subway station got a last-minute update in the wake of the deadly attacks in Paris. Officials added an “attacker” wearing a suicide vest.
Three die in St. Louis house fire: A house fire killed three children early Sunday in St. Louis, according to fire officials who think the blaze started accidentally in a dwelling without working smoke alarms. The victims were two girls, ages 4 and 6, and a 10-month-old boy, according to Fox2 News in St. Louis, which reported that two adults and eight children lived in the house.
Man accused in medical student’s shooting identified: New Orleans police have identified a man accused of shooting Peter Gold, 25, a Tulane University medical student who stopped an apparent kidnapping. Police say Euric Cain, 21, of New Orleans is wanted on charges of armed robbery, second-degree kidnapping and attempted first-degree murder. Tulane University and Crimestoppers are offering up to $12,500 for information leading to arrest and indictment.
— From news services