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AbbVie to buy Shire in $55-billion deal that slashes tax rate
AbbVie to buy Shire in $55-billion deal that slashes tax rate

Illinois drug maker AbbVie Inc. said Friday it would buy European rival Shire for $55 billion and reincorporate in Britain, allowing the company to slash its tax rate in the latest move by an American firm to shelter its foreign earnings. The deal creates a pharmaceutical giant with 30,000 employees and a $137-billion market capitalization. The new company will be headquartered for tax purposes on the British island of Jersey, where Shire is incorporated. "The proposed transaction would create a well-positioned and focused biopharmaceutical company, giving us the opportunity to expand and augment our product portfolio, advance our pipeline, accelerate our growth, and create...

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