28 Apr '14, 12pm

Drugs giants lock horns over US$100 -billion merger bid

LONDON: US drugs titan Pfizer is pursuing plans for a blockbuster merger with British rival AstraZeneca to fuel cancer treatments despite having a US$100-billion bid rejected, the pair revealed on Monday. Pfizer chairman and chief executive Ian Read said that a tie-up between two of the world's biggest pharmaceutical groups would "help to fight some of the world's most feared diseases, such as cancer". It would benefit also the shareholders of both companies, he claimed in a Pfizer statement. AstraZeneca hit back, arguing that the informal offer made by Pfizer in January "very significantly" undervalues the company. Outlining its defence in a statement, it added that its "board remains confident in the ongoing execution of AstraZeneca's strategy as an independent company and that its successful delivery will create significant value for shareholders". Analysts said Pfizer ...

Full article: http://www.channelnewsasia.com/news/business/drugs-giants...

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