Pfizer confirms increased offer of £63B for AstraZeneca

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)

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Comments (2)
  • I'm Howard
    , contributor
    Comments (117) | Send Message
    This is just the start as Big Pharma BUYS R&D, Pipelines and consolidates Sales and Marketing.
    Generics are eating their lunch, limited new products, so growth must come from acquisition.
    Good for long term stock prices as choices of companies will become more limited.
    2 May 2014, 01:50 PM Reply Like
  • MisterJ
    , contributor
    Comments (1180) | Send Message
    Great that Pfizer in recent years closed their British R&D center where Viagra was developed. That gives the Brits way good confidence in their intentions and ethics. Comes right back to bite you in the touche.
    2 May 2014, 03:38 PM Reply Like
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