Table of Contents

4 EXECUTIVE SUMMARY
5 PFIZER COURTSHIP OF ASTRAZENECA FOR COMPLEMENTARY ASSETS AND TAX BENEFITS
6 Objectives
10 Tax inversion
15 Bibliography
16 NOVARTIS AND GLAXOSMITHKLINE RESTRUCTURE THROUGH ASSET SWAP DEALS
17 Objectives
20 Industry-wide trend of asset stripping and core strengthening
22 BAYER TO PAY $14.2BN FOR MERCK’S CONSUMER CARE DIVISION
22 Analyst comment
22 Objectives
23 VALEANT PARTNERS HEDGE FUND IN ATTEMPED ALLERGAN TAKEOVER
23 Objectives
23 Allergan response
23 What’s next?
25 MARKET OVERVIEW
25 How do these transactions change the market?
26 Bibliography

List of figures

5 Figure 1: Pfizer and AstraZeneca merger overview
6 Figure 2: Pfizer and AstraZeneca pipeline snapshot
8 Figure 3: Pfizer structure change with AstraZeneca
11 Figure 4: Pfizer waterfall chart, 2015
16 Figure 5: Novartis and GlaxoSmithKline asset swap overview
19 Figure 6: Novartis’s portfolio before and after asset swaps with GlaxoSmithKline

List of Tables

6 Table 1: Pfizer’s offers for AstraZeneca
13 Table 2: Pfizer company financials ($m), 2013–18
15 Table 3: Merged entity financials ($m), 2015–18
16 Table 4: Novartis and GlaxoSmithKline asset swap overview
18 Table 5: GlaxoSmithKline oncology products acquired by Novartis
25 Table 6: Oncology rankings