Wealth Manager - the site for professional investment managers

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 Comment
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 From Private Bank to Private Office: the next generation of ultra high net worth investors

From Private Bank to Private Office: the next generation of ultra high net worth investors

Citywire's Anna Dumas highlights the trend towards private and family offices.

Play Inside ETFs: how to defend against bond volatility

Inside ETFs: how to defend against bond volatility

In this latest episode we call in experts from 7IM and Markit to assess how the bond sell-off has impacted ETFs.

Play The future of wealth management according to disruptive tech expert Andrew Tarver

The future of wealth management according to disruptive tech expert Andrew Tarver

Three private office investors direct their questions about the future of wealth management, to Andrew Tarver, founder of Boldrocket and disruptive tech expert.

Your Business: Cover Star Club

Profile: Stenham's CIO on the strange persistence of hedge funds

Profile: Stenham's CIO on the strange persistence of hedge funds

Stenham Asset Management chief investment officer Kevin Arenson believes hedge funds are making a comeback

Wealth Manager on Twitter