Pfizer (PFE) has raised its bid for AstraZeneca (AZN) to £50 ($84.47) a share from £46.61 in an offer that values the U.K. drugmaker at $106.4B (£63B) vs $100B previously. AstraZeneca is reviewing the proposal.
Pfizer has also increased the cash component of the deal to 32% from 30%, proposing to pay $15.98 a share in cash and 1.845 shares in the combined company per AstraZeneca share. (PR)
Pfizer has written to U.K. Prime Minister David Cameron pledging its commitment to complete AstraZeneca's R&D innovation hub in Cambridge in Britain and to keep the company's key scientific leadership in the country. The proposed deal had attracted criticism from the former science minister that it would be a "devastating blow" for U.K. science. (PR)