Ireland Current Affairs
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Scientists from Ireland have claimed discovery of a new human organ named the mesentery that exists in the digestive system. It will be human body’s 79th organ.
Mesentery connects the intestine to the abdomen. The organ was previously thought to consist of fragmented and disparate structures.
- Mesentery is a fold of the peritoneum which attaches the stomach, small intestine, pancreas, spleen,and other organs to the posterior wall of the abdomen.
- Its discovery will help in better understanding and further scientific study of the mesentery which could lead to less invasive surgeries, fewer complications, faster patient recovery and lower overall costs.
- The reclassification of this organ will also aid better understanding and treatment of abdominal and digestive diseases.
- During the initial research, researchers found that the mesentery was one continuous organ. Previously, it was considered as the fragmented structure made up of multiple separate parts.
- It was found that mesentery has simply one continuous structure. However, its function is still poorly understood.
- Following the discovery the world’s best-known series of medical textbooks, Gray’s Anatomy was updated to include the new definition of this organ.
US drugs giant Pfizer Inc. has struck upon a deal to buy Ireland based Allergan for 160 billion dollars making it the biggest pharmaceuticals merger deal in history of healthcare sector.
The blockbuster merger would create the world’s biggest drugmaker to be called Pfizer Plc with its headquarters in Dublin, Ireland.
Under this deal, Allergan shareholders will receive 11.3 shares in the merged company for each of their Allergan shares.
Currently Pfizer Inc is selling flagship pharmaceutical products like Viagra and cholesterol drug Lipitor, while Allergan is best known for selling anti-wrinkle treatment drug Botox, Alzheimer’s drug Namenda and dry-eye medication Restasis.
- Analysts have suggested that this deal will allow Pfizer. Inc to escape relatively high US corporate tax rates (around 35%) by moving its headquarters to Dublin where corporate tax is as low as 12.5 % (Lowest among major countries).
- It should be noted that such kind of merger deals to evade the high corporate tax is termed as corporate inversion deals.
- US Treasury is concerned about losing tax revenue because of this deal and is taking steps to clamp down on tax inversion deals.
Corporate Inversion Deals
These merger deals are undertaken by a company by re-incorporating itself overseas in order to reduce the tax burden on income earned abroad compared to home country. For this, company shifts its base to a country that has lower tax rates and less stringent corporate governance requirements.