US biopharma firms opts to shift tax residence to UK after buying rival
Its new tax domicile will, however, be Britain and not Ireland, where Shire shifted its headquarters to six years ago in order to avoid paying tax on royalty earnings in the UK.
Shire shareholders will receive cash and stock valued at £52.48 a share, the companies said in a statement yesterday. The price is 53% above Shire’s closing level on May 2, before AbbVie made its first proposal to buy the company. The deal caps the Chicago company's two and a half-month pursuit of Shire.
