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Pharmaceutical Industry
AbbVie and Shire agree to end $52-billion deal
AbbVie and Shire agree to end $52-billion deal

AbbVie Inc. and Shire agreed to terminate what would have been the biggest U.S. tax inversion after AbbVie pulled its support for the deal in the wake of proposed changes to U.S. rules governing the transactions. North Chicago, Ill.-based AbbVie planned to buy Shire for an estimated $52 billion, then move the combined company's legal address to Britain to lower its tax bill and access cash trapped overseas. After confirming that the deal was dead, the drug maker announced a $5-billion share buyback over the next several years and increased its quarterly dividend 17%, to 49 cents a share. The deal is the largest casualty yet of rules announced last month by the U.S. Treasury...