Bristol-Myers Targeted by Top Democrat on Offshore Tax Deal (1)

The head of the Senate Finance Committee is seeking details from Bristol-Myers Squibb Co. about a decade-old offshore deal that let the pharmaceutical giant cut it’s tax rate by more than 30 percentage points.

Senator Ron Wyden sent a letter Tuesday to Bristol-Myers Chief Executive Officer Giovanni Caforio asking him to explain a 2012 transaction that shifted the company’s intellectual property profits to Ireland and resulted in its tax rate falling to -6.9% that year from 24.7% the year before.

Ron Wyden

Photographer: Sarah Silbiger/Bloomberg

The Oregon Democrat also asked for details about how the company’s tax and legal advisers, accounting firm PwC and ...