Pfizer defended the business case behind its plan to acquire AstraZeneca yesterday and questioned the UK drugmaker's ability to stand alone for much longer as the New York-based group's chief executive prepared for a grilling from British lawmakers today.
Aiming to douse questions about its commitments to British jobs, Pfizer also said its agreement to complete AstraZeneca's new research centre in Cambridge, retain a factory in north-west England and put a fifth of its research staff in Britain if the deal goes ahead were legally binding.
Heated debate
With its bid now the subject of heated debate in Britain's Houses of Parliament and across the country's news channels, the US drugmaker took a harder line yesterday, saying the merger would create "a UK-based scientific powerhouse".
It also took a swipe at AstraZeneca’s go-it-alone strategy by arguing that Britain’s second biggest pharmaceuticals business lacked the financial muscle to make the most of its experimental medicines.
"Looming patent expiries and near term revenue losses jeopardise its ability to deliver on its very promising pipeline," Pfizer said in a written submission to a parliamentary committee.
Tough questions
Pfizer's Scottish-born chief executive Ian Read faces tough questions from British lawmakers today about his plans to acquire AstraZeneca – a deal driven in large part by Pfizer's wish to cut its tax bill.
– Reuters
