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 its tax rate by more than 30 percentage points.
Senator Ron Wyden sent a letter Tuesday to Bristol-Myers CEO Giovanni Caforio asking him to explain a 2012 transaction that shifted the company's intellectual property profits (IP) to Ireland and resulted in reducing its tax rate to -6.9 percent that year, from +24.7 percent the year before.
The Oregon Democrat also asked for details about how the company's tax and legal advisers, accounting firm PwC and law firm White & Case LLP, were involved in the process. Bristol-Myers said in a statement that it has received the letter and will cooperate with Wyden on his request.
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