On Wednesday, the $160 billion merger between pharmaceutical giants Pfizer and Allergan was called off in response to new U.S. Treasury Department regulations aimed at preventing so-called inversion deals — which allow U.S. companies to move their bases overseas in search of more favorable tax environments.
The combination would have been a record size for pharmaceutical companies , and was also big business for law firms: six different firms were involved in negotiating the deal.
The failure of the deal means Pfizer will keep paying higher U.S. tax rates. It also means the companies’ chief lawyers, Bob Bailey and Doug Lankler (neither of whom were immediately available for comment on Wednesday), remain top dogs in their respective legal departments.
In celebration of scuttled deals and saved titles, here are five facts on each of them.
Bob Bailey (Chief Legal Officer, Allergan)
Many lawyers are fond of including middle or first initials in their names, but Bailey’s initial game is particularly strong. He’s listed on Allergan’s executive leadership page as “A. Robert D. Bailey.”
Allergan isn’t Bailey’s first high-profile pharmaceuticals employer. He worked at Bausch & Lomb for more than 16 years, including a stint as General Counsel. In 2013, shortly after Bausch & Lomb was purchased by Valeant Pharmaceuticals, Bailey became Chief Legal Officer at pharmaceuticals company Forest Laboratories.
Bailey and Allergan CEO Brenton Saunders are long-time teammates. Saunders was CEO at Bausch & Lomb from 2010 to 2013, and at Forest Laboratories from from 2013 to 2014. The pair became CEO and CLO at Actavis, which later became Allergan, in July 2014.
According to his LinkedIn page , Bailey played football at St. Olaf College in Northfield, Minnesota.
Bailey graduated from the University of Minnesota Law School in 1989, and started his legal career as an associate at Nixon Peabody.
Doug Lankler (General Counsel, Pfizer)
Last year, the Financial Times named Lankler one of the top 30 champions of LGBT rights among corporate executives .
In February, Lankler settled a $785 million False Claims Act case involving Pfizer subsidiary Wyeth. The complaint, joined by the federal government and 17 different states, alleged Wyeth had overcharged Medicaid for heartburn drug Protonix.
A Cornell Law School grad, Lankler worked as a litigation associate at Simpson Thacher from 1990 to 1993.
After leaving Simpson Thacher, Lankler spent six years as an Assistant U.S. Attorney in the Southern District of New York, where he was awarded the Attorney General’s Distinguished Service Award in 2000.
According to his LinkedIn page , Lankler is a contributing author of “Defending Corporations and Individuals in Government Investigations,” a treatise on white collar crime. The treatise is available for a cool $203, with 24-36 month financing available.
(Have any information on the failed Pfizer-Allergan merger, or on Lankler or Bailey? Just want to weigh in? Shoot us an email at BigLawBusiness@bna.com.)