The shares of Ireland-based pharmaceuticals manufacturer, Allergan, are down more than 15% since the US Department of Treasury put the kibosh on its proposed merger with Pfizer last week. We don’t currently own shares of Allergan, but we liked the stock before the merger was squashed, and we like it even more now. It’s a diversified, cash-rich, pharmaceuticals company with a huge advantage over the competition… it pays much lower taxes.