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Pfizer pulls out of $160 billion Allergan merger after new tax laws announced


U.S. drug maker Pfizer has agreed to terminate its $160 billion agreement to acquire Botox-maker Allergan. The deal would have moved Pfizer's address, but not its operations or headquarters to Ireland, where it would pay lower corporate taxes. New U.S. tax laws announced this week would make such moves, called "tax inversions," less lucrative.