In an unusual move, Allergan has touted a study detailing its many contributions to the economy in Waco, Texas, where the drug maker has a manufacturing facility. And the results could be used to bolster its case in Washington, D.C. for approval of its controversial merger with Pfizer.
Among the various findings, the study suggests that the total economic impact Allergan had on the central Texas economy last year amounted to $441 million; from 2010 to 2015, earnings for Allergan’s Waco employees rose nearly 39 percent, an average growth rate of almost 7 percent per year; and local employment rose nearly 28 percent, or 5 percent annually, on average.
The study, which was conducted by a Baylor University professor, emerges as Allergan and Pfizer hope to convince federal authorities to approve their $160 billion merger. Designed as a so-called tax inversion, the deal would shift corporate headquarters to Ireland, so the combined company could avoid paying higher US corporate taxes.