Merger Math: Is There Anything Left For Pfizer To Cut At Allergan?

Allergan, the Dublin, Ireland-based company that Pfizer just announced plans to purchase, is not the same company that made the Allergan name famous by turning Botox into a household name. Instead, it's the descendant of a small, New Jersey-based generic drug maker, Watson Pharmaceuticals, that decided to grow through mergers and acquisitions -- and in doing so moved its own tax domicile to Ireland, cutting its tax rate. Last year, the company, re-dubbed Actavis, snatched Allergan from the jaws of Valeant Pharmaceuticals, which had been pursuing the Botox maker. Later on, it changed its name to Allergan.