Pharmaceutical giant Merck & Co. announced that it would settle a number of tax disputes with the Internal Revenue Service at a net cash cost close to $2.3 billion.

The drug company's payment includes taxes, interest and penalties stemming from the disputes, which cover tax years spanning from 1993 to 2001. The IRS said that the most significant issues resolved were a trio of issues resulting from Merck’s use of minority equity interest financing transactions.

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