Health-care stocks still have upside, Dan Chai of Iguana Healthcare Partners says.
NEW YORK, Sept 23- The Treasury department this week announced a new set of regulations to crack down on the wave of "corporate inversions," in which American companies lower their tax bill by, simply put, relocating their legal corporate addresses overseas.
Sept 23- Moody's Investors Service said it may review the credit implications for pending tax-inversion deals in the healthcare and pharmaceutical sector if U.S. Affected companies include Medtronic Inc, Mylan Inc, Salix Pharmaceuticals, Auxilium Pharmaceuticals and AbbVie Inc..
*Action may deter Pfizer from returning to bid for AstraZeneca. WASHINGTON/ NEW YORK, Sept 23- Tough new U.S. rules on corporate "inversions" on Tuesday sent a chill through the market for the tax-avoidance deals, both pending and potential, with share prices falling sharply in nearly a dozen companies on both sides of the Atlantic.
Some of Tuesday's midday movers:
The United States and Arab allies bombed Syria for the first time on Tuesday, killing scores of Islamic State fighters and members of a separate al Qaeda- linked group, opening a new front against militants by joining Syria's three-year-old civil war. AbbVie has agreed to a deal to acquire Shire, which fell 1.9 percent to $251.38 in New York.
*Action may deter Pfizer from returning to bid for AstraZeneca. Burger King, which is in the process of an inversion deal with Canada's Tim Horton's, said Tuesday it would proceed with its $11.5 billion deal despite the Treasury actions, saying the transaction was not about the tax benefits.
The US government has been promising a crackdown on tax inversion deals for months. Yet the measures announced Monday may not be disincentive enough.
*May deter Pfizer from returning to bid for AstraZeneca. LONDON, Sept 23- Shares in drugmakers AstraZeneca and Shire fell sharply on Tuesday after the U.S. The move could jeopardize an agreed deal for AbbVie to buy Shire for $55 billion and deter Pfizer from making another attempt to acquire AstraZeneca, after a $118 billion takeover attempt failed in May.
WASHINGTON, Sept 22- Moving against tax-avoidance by corporations, the Obama administration is taking several actions to curb deals known as "inversions" that allow companies to escape U.S. taxes by reincorporating abroad.
The issue of so-called tax inversions has been a major policy point for President Barack Obama over the past few months.
Medtronic's plan to reimburse execs and directors for $63 million in excise taxes from a tax inversion draws heat from shareholders.
NEW YORK, Sept 16- Some of the top 20 investors at Salix Pharmaceuticals Ltd are threatening to vote down a proposed deal to buy a unit of Cosmo Pharmaceuticals SpA, and are pressing Salix to consider selling itself instead, people familiar with the matter said on Tuesday.
LONDON, Sept 16- Roche's decision to buy U.S. biotech company InterMune for $8.3 billion last month was "exceptional" and not a sign of more ambitious plans for major acquisitions, the Swiss drugmaker's chief executive said on Tuesday.
NEW YORK, Sept 11- U.S. specialty drugmaker Akorn Inc is exploring a bid for Belgian drugmaker UCB SA's U.S. subsidiary, a deal that would allow the company to move its tax domicile overseas in a practice known as inversion, according to people familiar with the matter.
Washington must address corporate tax inversions before the tactic further destroys the U.S. corporate tax base, says CVS CEO Larry Merlo.
NEW YORK, Sept 3- Some of the best-known technology investors are looking beyond their tried-and-true Internet plays to bet on healthcare data as the next growth market.
Public pension funds have major stakes in American firms moving overseas to cut their tax bills. But they are saying little about the strategy.
Aug 28- Johnson& Johnson plans to seek a buyer for its medical device maker business, Cordis Corp, The Wall Street Journal reported citing people familiar with the matter. Earlier this year, J&J sold another of its units, Ortho-Clinical Diagnostics Inc to private-equity firm Carlyle Group for $4.15 billion.
Bankers and lawyers providing takeover advice said on Monday that Burger King Worldwide Inc's intention to move its tax domicile overseas through a so-called inversion deal- in this case the purchase of Canada's Tim Hortons- shouldn't be seen as a sign of a lot more deals to come.