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Now that Pfizer’s $160 billion deal to merge with Allergan has been called off, the world’s largest drug maker has a decision to face. And early indications are it may go back to the future.

Pfizer never articulated a plan B in the event that its deal with Ireland-based Allergan fell through, though that isn’t terribly surprising. Few tax experts anticipated the US Department of Treasury would move as it did to crack down on so-called tax inversions and in a way that appeared to target this particular deal.


So now, Pfizer appears to be returning to a game plan that was first floated five years ago — splitting up the company. In a brief statement Wednesday morning, the company indicated that the notion is, once again, being considered and a decision will be made no later than the end of this year.

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