Pfizer and Allergan To Merge In 160 Billion USD Pharmaceutical Deal.

Pharmaceutical giants Pfizer Inc. and Allergan on Monday announced a $160-billion merger that would create the world’s largest drugmaker with high-profile products such as Botox, Lipitor and Viagra, while increasing pressure on Washington policymakers to address corporate tax policy because the deal would shelter the new firm's global earnings.
Although New York-based Pfizer is the larger company, the deal is structured so that Allergan technically is the purchaser.
The move allows the new firm — which would take Pfizer’s name and be headed by its current chief executive, Ian Read — to be headquartered for tax purposes in Dublin, Ireland, where Allergan already is located, to take advantage of the nation’s lower corporate tax rate.

By: Jim Puzzanghera. 

Goldman: Hedge Funds' Favorite Stocks Have Had a Terrible Few Months

Between August and October the stocks most beloved by hedge funds posted their worst relative returns outside of 2008, according to a new report from Goldman Sachs. In fact, the bank's "Hedge Fund VIP" list of hedgies' most popular long positions trailed the S&P 500 by 720 basis points during the three month period, posting an 8 percent decline versus the 1 percent drop in the broader index.

On an annual basis, things look a little better, though not by much. Goldman said its basket of 50 stocks in which hedge funds have a large long positions lagged the S&P 500 index by 537bps this year as a decline in Valeant Pharmaceuticals International and other healthcare stocks led to losses. Valeant shares have lost more than a third of their value this year. 

By: Julie Verhage, Nishant Kumar. 

Review: Emerging Market Formulations & Research Unit, Flagship Records. 

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