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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
May 13, 2014
May 13, 2014

Pfizer hints at improved Astra offer as CEO heads into political grilling

LONDON (Reuters) – U.S. drugmaker Pfizer (PFE.N: Quote, Profile, Research) hinted it could make a higher offer for Britain’s AstraZeneca as the New York-based group’s boss went into a meeting with UK lawmakers on Tuesday at which he was expecting to be grilled over promises on British jobs.

Ian Read faces hostile questions in parliament over his proposed $106 billion play for AstraZeneca. He goes into committee hearings having pledged to keep a fifth of research jobs in Britain, and warned the country’s second biggest drugmaker could wither without Pfizer’s financial muscle.

May 13, 2014

Pfizer boss enters lion’s den of UK politics to sell AstraZeneca deal

LONDON, May 13 (Reuters) – The boss of U.S. drugmaker Pfizer
faces UK lawmakers on Tuesday with a promise and a
threat – to protect British jobs in his proposed joint creation
with AstraZeneca of a global powerhouse upon which he
says the latter’s future depends.

Ian Read faces hostile questions in parliament over his
proposed $106 billion play for AstraZeneca. He goes into
committee hearings having pledged to keep a fifth of research
jobs in Britain, and warned the country’s second biggest
drugmaker could wither without Pfizer’s financial muscle.

May 12, 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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