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May 14, 2014

Astra CEO sees price, Pfizer structure as deal hurdles

LONDON (Reuters) – AstraZeneca’s (AZN.L: Quote, Profile, Research, Stock Buzz) boss said on Wednesday he would engage with Pfizer (PFE.N: Quote, Profile, Research, Stock Buzz) if the price was right and the risks posed from forcing the British drugmaker’s operations into the U.S. company’s new three-unit model were addressed.

Chief Executive Pascal Soriot stressed his company had a bright future as a stand-alone firm but acknowledged that shareholders would expect AstraZeneca’s board to negotiate if terms were sufficiently attractive in a sweetened offer.

May 14, 2014
May 14, 2014
May 14, 2014

J&J taps British science quietly where Pfizer storms in

LONDON, May 14 (Reuters) – As Pfizer’s pursuit of
AstraZeneca provokes uproar, another big U.S. healthcare
group is taking a much quieter path into the heart of UK
bioscience from an inconspicuous office off London’s Oxford
Street.

Johnson & Johnson’s life science “innovation
centre”, which opened a year ago, represents a different
approach to drug development based on building networks and
scouting for small deals, rather than mega-merger consolidation.

May 14, 2014

Pfizer pledges to ringfence drug development in AstraZeneca deal

LONDON (Reuters) – Pfizer (PFE.N: Quote, Profile, Research, Stock Buzz) said it would ringfence the development of important drugs if it acquired AstraZeneca (AZN.L: Quote, Profile, Research, Stock Buzz), rejecting a charge from the British company that a takeover would disrupt important research and put lives at risk.

“As we put these companies together, we will continue with our pipeline, AZ will continue with theirs,” Pfizer’s Chief Executive Ian Read told lawmakers on a second day of questioning about what could be the biggest ever UK corporate deal.

May 14, 2014

MPs give Pfizer stick as it waves carrot at AstraZeneca

LONDON (Reuters) – U.S. drugmaker Pfizer hinted it could raise its proposed $106 billion (62.9 billion pounds) offer if AstraZeneca would only engage in talks, as its boss was grilled by MPs on his commitment to British research spending and jobs.

In response AstraZeneca said it would have to consider a compelling offer but accused Pfizer of an “opportunistic” proposal and a ploy to cut taxes that risked its reputation.

May 14, 2014
May 13, 2014

Call for 10-year Pfizer pledge as CEO faces new grilling

LONDON, May 14 (Reuters) – Pfizer faces calls to
extend its commitment to UK jobs and research to least 10 years
as the U.S. drugmaker’s boss prepares for a second day of
questioning from lawmakers over its plan to buy AstraZeneca
.

After an initial grilling in which Chief Executive Ian Read
admitted a merger would mean job losses and reduced research
spending, Read returns for another session of tough questioning
by a parliamentary science committee on Wednesday.

May 13, 2014

UK lawmakers give Pfizer stick as it waves carrot at AstraZeneca

LONDON (Reuters) – U.S. drugmaker Pfizer hinted it could raise its proposed $106 billion offer if AstraZeneca would only engage in talks, as its boss was grilled by UK lawmakers on his commitment to British research spending and jobs.

In response AstraZeneca said it would have to consider a compelling offer but accused Pfizer of an “opportunistic” proposal and a ploy to cut taxes that risked its reputation.

May 13, 2014
    • About Ben

      "Ben Hirschler is European pharmaceuticals, biotechnology and healthcare correspondent, based in London. Previously, he was in charge of British company news and before that was posted to Johannesburg, covering the economic challenges facing post-apartheid South Africa."
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