Macro
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| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
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| +0.40 | +0.50 | +0.50 | +0.50 | +0.50 | +0.50 | +0.50 | +0.30 | +0.00 | +0.00 | -0.20 | +0.00 |
Healthcare and biotech peaked mid-year, but September's Shkreli price-gouging scandal and Hillary Clinton's 'outrageous' price-gouging tweet triggered a political firestorm that crashed biotech and made drug pricing THE issue; a sharp inflection down.
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Pfizer and Allergan announced a $160 billion reverse merger, structured to lower Pfizer's tax burden by relocating its domicile to Ireland via Allergan. The deal combines Pfizer’s global drug portfolio with Allergan’s specialty brands, creating the world’s largest pharmaceutical company. The move underscores ongoing corporate tax inversion trends, drawing scrutiny amid weak U.S. regulatory enforcement.