Pfizer argues for AstraZeneca deal in web videos

May 10, 2014 by Bernard Condon

Pfizer posted videos online Saturday in its latest effort to win over critics of its proposed purchase of British drugmaker AstraZeneca.

In four videos on Pfizer's website, CEO Ian Read sought to allay concerns that the deal would lead to a loss of stature in science in the United Kingdom. He said Pfizer had expanded its research in Cambridge, Massachusetts, and envisions pursuing a similar strategy for Britain's Cambridge, north of London, where many scientists work.

Pfizer has been trying to buy its British rival since January, but has been rebuffed three times. AstraZeneca has said Pfizer's latest offer of $106 billion in cash and stock undervalues the company and that a takeover would disrupt its work on a potentially lucrative pipeline of new drugs.

The proposed deal would be the largest foreign takeover of a British company. It has drawn scrutiny from politicians on both sides of the Atlantic who fear a loss of jobs.

The deal would include Pfizer moving its official domicile— but not its corporate offices—to London. That would reduce Pfizer's income tax rate, because U.S. rates are considerably higher than in the United Kingdom.

Earlier this month, Pfizer sent a letter to Prime Minister David Cameron promising to keep at least 20 percent of the combined company's research and development staff in the U.K. The letter also called the "golden triangle of Oxford, Cambridge and London"—where the bulk of British scientific research is based—a vital component of the deal.

Pfizer is under pressure as generic makers dig into sales of some of its off-patent drugs, particularly cholesterol fighter Lipitor, the top-selling drug of all time. At its peak, Lipitor generated nearly $13 billion in revenue.

The proposed deal comes amid a spate of mergers and acquisitions in the pharmaceutical industry.

Explore further: AstraZeneca rejects sweetened Pfizer takeover bid (Update)

Related Stories

AstraZeneca rejects sweetened Pfizer takeover bid (Update)

May 2, 2014
Pharmaceutical giant Pfizer said Friday that it hasn't given up on a deal after British drugmaker AstraZeneca flatly rejected its latest takeover bid, worth $106 billion.

AstraZeneca fends off Pfizer with new growth plan

May 6, 2014
AstraZeneca on Tuesday outlined plans to make sales jump over the next decade, an effort to persuade shareholders the drug maker can do well as an independent company, rather than get bought out by rival Pfizer.

Pfizer 1Q profit drops 15 pct due to lower sales (Update)

May 5, 2014
Despite sharply lower expenses and taxes, Pfizer Inc.'s first-quarter profit dropped 15 percent, due to cheaper generic competition for multiple medicines and some promotion partnerships with other drugmakers ending.

Pfizer, Teva reach deal to allow generic Viagra

December 17, 2013
Pfizer says it reached a settlement with Teva Pharmaceuticals that allows the generic drugmaker to launch a copycat version of its popular erectile dysfunction drug Viagra in 2017.

Drug giants Pfizer, AstraZeneca in $100bn merger tussle (Update)

April 28, 2014
US drugs giant Pfizer wants a blockbuster merger with British rival AstraZeneca that will fuel cancer research, revealing on Monday that an informal approach worth almost $100 billion had been rejected.

Pfizer's 4Q net plunges on charges, sales decline

January 28, 2014
Drugmaker Pfizer said Tuesday that fourth-quarter profit plunged 59 percent because of discontinued operations, restructuring and other charges, and generic competition continuing to siphon off revenue from former blockbuster ...

Recommended for you

Best of Last Year—The top Medical Xpress articles of 2017

December 20, 2017
It was a good year for medical research as a team at the German center for Neurodegenerative Diseases, Magdeburg, found that dancing can reverse the signs of aging in the brain. Any exercise helps, the team found, but dancing ...

Pickled in 'cognac', Chopin's heart gives up its secrets

November 26, 2017
The heart of Frederic Chopin, among the world's most cherished musical virtuosos, may finally have given up the cause of his untimely death.

Sugar industry withheld evidence of sucrose's health effects nearly 50 years ago

November 21, 2017
A U.S. sugar industry trade group appears to have pulled the plug on a study that was producing animal evidence linking sucrose to disease nearly 50 years ago, researchers argue in a paper publishing on November 21 in the ...

Female researchers pay more attention to sex and gender in medicine

November 7, 2017
When women participate in a medical research paper, that research is more likely to take into account the differences between the way men and women react to diseases and treatments, according to a new study by Stanford researchers.

Drug therapy from lethal bacteria could reduce kidney transplant rejection

August 3, 2017
An experimental treatment derived from a potentially deadly microorganism may provide lifesaving help for kidney transplant patients, according to an international study led by investigators at Cedars-Sinai.

Exploring the potential of human echolocation

June 25, 2017
People who are visually impaired will often use a cane to feel out their surroundings. With training and practice, people can learn to use the pitch, loudness and timbre of echoes from the cane or other sounds to navigate ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.