Last Updated Jan 4, 2010 6:00 AM EST
While that puts Esperion on a par with failed diabetes drug Exubera in terms of wasted Pfizer money, the deal eases Pfizer's tax situation. According to Pfizer's most recent 10-Q, the company recognized a $426 million "tax benefit" on Esperion. A footnote on page 49 of the disclosure regarding Pfizer's income tax says:
Also includes a tax benefit of approximately $426 million in the first nine months of 2008 related to the sale of one of our biopharmaceutical companies (Esperion Therapeutics Inc.).Bingo!