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Pfizer walks away from Allergan deal following Treasury move on inversion

BY Michael Johnsen
NEW YORK – Pfizer on Wednesday announced that the merger agreement between Pfizer and Allergan has been terminated by mutual agreement of the companies. The decision was driven by the actions announced by the U.S. Department of Treasury on April 4, 2016, which the companies concluded qualified as an “Adverse Tax Law Change” under the merger agreement.
 
That Treasury announcement referenced by Pfizer and Allergan makes it more difficult for companies to invert. “Treasury has taken action twice to make it harder for companies to invert. These actions took away some of the economic benefits of inverting and helped slow the pace of these transactions, but we know companies will continue to seek new and creative ways to relocate their tax residence to avoid paying taxes here at home,” stated Treasury Secretary Jacob Lew on Monday. “Today, we are announcing additional actions to further rein in inversions and reduce the ability of companies to avoid taxes through earnings stripping.”
 
“Pfizer approached this transaction from a position of strength and viewed the potential combination as an accelerator of existing strategies,” stated Ian Read, chairman and CEO Pfizer. “We remain focused on continuing to enhance the value of our innovative and established businesses. Our most recent product launches, including Prevnar 13 in Adults, Ibrance, Eliquis and Xeljanz, have been well-received in the market, and we believe our late stage pipeline has several attractive commercial opportunities with high potential across several therapeutic areas,” he said. 
 
“We plan to make a decision about whether to pursue a potential separation of our innovative and established businesses by no later than the end of 2016, consistent with our original timeframe for the decision prior to the announcement of the potential Allergan transaction,” Read added. “As always, we remain committed to enhancing shareholder value.”
 
In connection with the termination of the merger agreement, Pfizer has agreed to pay Allergan $150 million for reimbursement of expenses associated with the transaction.
 
 
 
 
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Beyond Her Blush delivers boxed beauty products curated by celebrity stylists

BY Gina Acosta

NEW YORK — A new company is looking to disrupt the beauty industry by offering consumers a box of products curated by celebrity stylists.

Beyond Her Blush says its boxes are full of products that aim to create the same looks seen on runways and in magazines. Each box comes with information on the stylists who curated the products, as well as a link for a video tutorial to demonstrate how each product is used together to achieve a specific look. The company says its goal is to give all women access to top quality products and instructions from highly regarded stylists.

Each box retails for about $20 a month with free shipping. 

"The service provided by Beyond Her Blush isn't just to provide women with trendy top quality products but rather includes an interactive experience with the customer," said Michelle Grundman, founder of Beyond Her Blush. "Since most women get their style inspiration from celebrities, I wanted to provide a service that would feature these looks from the individuals who know best- highly regarded celebrity stylists. By providing YouTube tutorials, the subscribers are able to use each product featured in the box to generate the exact same look stylists create for their celebrity clients."

 

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Banana Boat launches SunComfort Lotion Sunscreen

BY Gina Acosta

SHELTON, Conn. — Edgewell Personal Care is expanding its Banana Boat line with a new sun care product that allows consumers easily brush sand off their skin.

SunComfort Lotion Sunscreen, available in SPF 30 and 50+, is made with a new formula that doesn't allow sand to stick to skin. 

"Banana Boat's new SunComfort Lotion Sunscreen provides broad spectrum UVA/UVB protection and water resistance, but also allows sand to easily brush off and moisturizes to relieve dryness caused by the sun, chlorine and salt water," said Tracy Garbowski, Senior Brand Manager of Banana Boat brand sunscreens. 

SunComfort Lotion Sunscreen is tested to stay on in seven real-life conditions: sun, pool water, ocean water, wind, sweat, sand and extreme heat up to 100 degrees.

The new lotion is available at drug stores nationwide for a suggested retail price of $7.99

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G.Lincoln says:
Apr-24-2016 10:04 am

It's very hot from where I am and almost every week we go to the beach to cool off. Banana Boat comes in handy of course :)

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