US politicians condemn Pfizer-Allergan deal

US politicians slammed Pfizer Inc.'s decision to acquire Allergan Plc for $160 billion, considering the move as tax evasion. Democrats heavily criticized Pfizer, with Hillary Clinton accusing the drugmaker of utilizing legal loopholes to dodge its fair share of taxes and leaving the burden on American taxpayers. Senator Bernie Sanders said the agreement would enable major US companies to conceal its profits abroad. Republican presidential candidate Donald Trump, who pressed for overhauling corporate tax, described the deal as disgusting. Under the deal, the merged company will be called Pfizer and will be operated by Pfizer Chief Executive Ian Read. Also, the executive management will remain in New York, as well as its extensive operations throughout the country.

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