British company AstraZeneca Plc rejects Pfizer Inc $106 billion proposal

AstraZeneca rejects Pfizer’s offer of $106 billion

7:30 AM, 3rd May 2014
AstraZeneca Plc business news

LONDON, UK: US drugmaker Pfizer Inc increased its offer for AstraZeneca Plc to 63 billion pounds ($106 billion) on 2 May 2014, but the British company promptly rejected the proposal, which would create the world’s biggest pharmaceuticals company. Industry analysts and investors said that raised the possibility that Pfizer would now take the takeover plan, which would boost its pipeline of cancer drugs and create significant tax and cost savings, direct to AstraZeneca shareholders.

Commenting on the offer, AstraZeneca Chairman Leif Johansson said: “Pfizer’s proposal would dramatically dilute AstraZeneca shareholders’ exposure to our unique pipeline and would create risks around its delivery.”

 

© Reuters News

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