Major M&A about to start soon as Republican Tax Reform signed

If this is signed by Trump before Christmas then, January 2018 JP Morgan Healthcare Conference in San Francisco will be the speed-dating shopping day for Amgen.

News of the new Republican Tax reform: http://www.businessinsider.com/trump-gop-tax-reform-plan-bill-text-details-rate-2017-10

• Repatriation tax rate: The repatriation rate on overseas assets for US companies would be as high as 12%. The bill also may include a mandatory repatriation of all foreign assets. Illiquid assets would be taxed at a lower rate, spread out over a longer period of time than liquid assets like cash.

Amgen's oversea cash: http://www.fiercepharma.com/financials/could-a-trump-mandated-cash-repatriation-spur-pharma-m-a

• David Meline, Amgen’s chief financial officer, pointed out that most of the cash was being held overseas “and we don't see right now that it would be appropriate to repatriate it under the current U.S. tax system.” He added that if legislators “make it more reasonable to consider repatriation,” the company will “start providing some commentary on how we might deploy that.” More than $37 billion of Amgen’s cash is held overseas, SunTrust estimates.

• Doing the math, if current $37B is taxed at 35%, Amgen loses $12.95B to government
• New tax rate, Amgen pays $4.44B at 12%
• Net difference of: $8.51B or 80% of another Onyx like Acquisition