Late Tuesday, Pfizer's board of directors voted to terminate the drugmaker's purchase of smaller rival Allergan, a day after the Treasury Department enacted rules designed to curb corporate tax inversions, The Wall Street Journal reports. The companies are expected to formally announce the end of the proposed merger Wednesday morning. Valued at about $150 billion, the deal would have been the biggest corporate inversion, a maneuver in which a U.S. company buys an overseas rival (Allergan is now based in Dublin) then changes its address to slash its U.S. tax payments. Pfizer will pay Allergan a breakup fee of no more than $400 million.
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