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View the article online at http://citywire.co.uk/wealth-manager/article/a749824

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

by James Phillipps on May 07, 2014 at 08:12

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.

1 comment so far. Why not have your say?

Peter Barrett

May 07, 2014 at 18:10

The clowns in the Westminster asylum have not got the bottle to stand in the way of another Cadburys debacle.

It will be good night AZN as Pfizer are nothing more than asset strippers.

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