Sunday 17 December 2017

Astrazeneca prepare for hostile bid from Pfizer as pharma giant posts below par results

Pfizer recently opened a €21.6m new product technology laboratory at the company's Ringaskiddy site in Co Cork
Pfizer recently opened a €21.6m new product technology laboratory at the company's Ringaskiddy site in Co Cork

Speculation is mounting that US pharmaceutical giant Pfizer is set to make a hostile bid for AstraZeneca after its £63bn takeover offer was spurned.

The UK company said the offer "substantially" undervalued the business, forcing Pfizer to consider its next move.

Meanwhile, Pfizer lost ground at Wall Street today as the biggest US drugmaker reported revenues well below analysts' expectations. Shares fell 2.5pc to $29.99.

Pfizer recently opened a €21.6m new product technology laboratory at the company's Ringaskiddy site in Co Cork

Industry sources said a hostile bid could come as early as tomorrow.

That would trigger increased calls for the bid to be referred to the competition authorities.

It would also heighten union fears over jobs if the takeover was successful.

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