The pharmaceutical company had been toying with the idea of splitting into two entities, one focused on patent-protected drugs, the other on older products that bring in a lot of revenue, the Wall Street Journal reports. Pfizer had spend about $600 in preparation for the split; small potatoes for a company that’s expected to rake in at least $51 billion this year.
“Many on Wall Street thought the odds of a companywide breakup rose after Pfizer agreed late last year to a $150 billion deal for Allergan PLC,” the newspaper reports. “But Pfizer walked away from the tie-up when the Obama administration moved earlier this year to deter such tax-lowering inversion deals.”
Source: Wall Street Journal