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Apr 29, 2014

Pfizer CEO flies in to pitch Astra deal to UK government

LONDON (Reuters) – Pfizer (PFE.N: Quote, Profile, Research, Stock Buzz) Chief Executive Ian Read flew into London on Tuesday to pitch his planned $100 billion takeover of rival British drugmaker AstraZeneca (AZN.L: Quote, Profile, Research, Stock Buzz) to government ministers and urge them not to obstruct the deal.

The British government has so far adopted a neutral stance on the matter – in part because Pfizer has yet to make a firm bid – but behind the scenes officials are warning Pfizer against making draconian research job cuts, industry sources said.

Apr 29, 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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