Illinois Drugmaker Defies Democrats’ Anti-Inversion Effort
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Horizon Pharma Inc., a Deerfield, Illinois-based specialty drugmaker, shifted its corporate address to Ireland today, defying a threat by Democratic lawmakers to unwind such maneuvers retroactively.
Now known as Horizon Pharma Plc, it’s the first company to complete an address change, known as an inversion, that risks being overturned if legislation submitted by congressional Democrats this year becomes law. Under that proposal, intended to halt a wave of such deals, companies that carry out certain types of inversions after May 8 would remain U.S. corporations for tax purposes.