Shire receives Canadian tax refund

Shire (SHPG) has received a $248M cash refund from Canadian revenue authorities, and is now expecting another $162M by the end of the year. The refund will be used to repay former debt, and $216M will be listed as a net credit to income taxes.

Shire is currently being pursued by AbbVie (ABBV), and the latter is now preparing to bring the proposed takeover directly to Shire shareholders.

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