Welcome to our new website! Let us know what you think..

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Pfizer on the charm offensive as Cable won't rule out intervening

1
Pfizer on the charm offensive as Cable won't rule out intervening

Pfizer is turning on the charm as it continues its pursuit of Astra Zeneca.

In a somewhat bizarre twist this morning, the US pharma giant released an info graphic to the stock market, which was designed to woo investors. Entitled ‘Together with Astra Zeneca…’ it went on to detail how the combined group could ‘deepen research efforts, bolster innovative science and speed development of treatments’.

It also unexpectedly quoted Sir Richard Sykes, the former chairman and chief executive of rivals GlaxoSmithKline, extolling the benefits of carrying out research and development in the UK.

Pfizer’s CEO and chairman Ian Read was quoted alongside, saying: ‘A combined company would bring together powerful and world leading research expertise in key therapeutic areas…in which the world class academic research resources in the ‘golden triangle’ of Oxford, Cambridge and London would represent a  ital. component.’

Pfizer’s improved bid of £63 billion was swiftly rejected by Astra on Friday, but the US firm is expected to table another bid imminently. In the meantime, it is keen to respond to fears that it will asset strip the company, costing UK jobs, having already written to the prime minister. Business secretary Vince Cable has not ruled out intervening, despite Astra having called for his neutrality.

Leave a comment
Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play BlackRock UK Special Sits: when will we sell our star holdings?

BlackRock UK Special Sits: when will we sell our star holdings?

What would prompt Roland Arnold to sell the likes of Ashtead and Howden?

Play AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

Henderson International Income trust manager Ben Lofthouse shares his thoughts on recent developments in the tobacco sector in this video.

1 Play Renewable energy: what I found on my solar farm trip

Renewable energy: what I found on my solar farm trip

Renewable energy is attracting a lot of investor interest, so I headed to the UK's largest solar farm to find out more.

Your Business: Cover Star Club

Profile: how Matthew Butcher is carving a new role at Dart Capital

Profile: how Matthew Butcher is carving a new role at Dart Capital

The wealth management industry is undergoing a profound period of change: whether it wants to admit it or not.

Wealth Manager on Twitter