Drugmakers and Dublin

Why is this pharma upping its bid for an Irish drugmaker?

Jul 9, 2014 at 9:30AM

On Tuesday's Market Foolery, host Chris Hill and Bill Barker, a Motley Fool Funds analyst, jump into the murky waters of AbbVie's (NYSE:ABBV) latest bid for Shire (NASDAQ:SHPG).

American pharmaceutical firm AbbVie has increased its bid for Shire, a drugmaker based in Ireland, to $51 billion. The sheer number of offerings reminds Chris and Bill of Pfizer's bid to AstraZeneca earlier in the year. Chris explains that both companies had shares falling Tuesday, possibly on the large bid or the thought that it won't be accepted. Bill isn't surprised by the deal because Ireland can be very economical through its lower taxes. Investors can see a similar move with Medtronic and Covidien.

Bill expects Shire will be purchased by some company eventually even if its not AbbVie. The Irish taxes make it a choice offering. Chris asks why the pharmaceutical industry is seeing this type of movement. Looking at the size of these Irish pharmaceutical companies, moving operations to Ireland becomes a reasonable choice because of Irish tax laws and Obamacare legislation.

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Bill Barker has no position in any stocks mentioned. Chris Hill owns shares of Pfizer. The Motley Fool owns shares of Medtronic. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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