Deals and IPOs

Pfizer explored deal with rival Actavis: Report

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Pharma giant Pfizer has been in talks over a potential acquisition of its rival Actavis in recent weeks, according to the Wall Street Journal, who cited a person familiar with the matter.

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Talks between the two firms have now ended, according to the source. They follow a number of high-profile takeover approaches in the sector that are aimed at driving down the amount of tax paid in the U.S. by re-domiciling elsewhere.

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The report states that Pfizer approached Actavis proposing a cash-and-stock tie-up, and it is not clear why Actavis decided against the deal.

It comes after the company admitted defeat in a multi-million dollar deal for U.K.-based AstraZeneca in May. The British firm rejected a series of offers and now Pfizer cannot resume its approach until early November, under U.K. regulation.

Read the full article here on the Wall Street Journal website.