Corporate Banner
Satellite Banner
Technology
Networks
Scientific Communities
 
Become a Member | Sign in
Home>News>This Article
  News
Return

Pfizer Confirms Interest in AstraZeneca

Published: Monday, April 28, 2014
Last Updated: Monday, April 28, 2014
Bookmark and Share
Pfizer submitted a preliminary, non-binding indication of interest to the board of directors of AZ in January 2014 regarding a possible merger transaction.

After limited high-level discussions, AstraZeneca declined to pursue negotiations. The discussions were discontinued on 14 January 2014 and Pfizer then ceased to consider a possible transaction. In light of recent market developments, Pfizer contacted AstraZeneca on 26 April 2014 seeking to renew discussions in order to develop a proposal that could be recommended by both companies to their shareholders. AstraZeneca again declined to engage. Pfizer is currently considering its options with respect to AstraZeneca.

Pfizer’s previous proposal made to the board of AstraZeneca on 5 January 2014 included a combination of cash and shares in the combined entity which represented an indicative value of £46.61 ($76.62)1 per AstraZeneca share and a substantial premium of approximately 30% to AstraZeneca’s closing share price of £35.86 on 3 January 2014.

As in its previous proposal, Pfizer is considering a possible transaction in which AstraZeneca shareholders would receive a significant premium for their AstraZeneca shares, to be paid in a combination of cash and shares in the combined entity. Pfizer believes that a transaction, if proposed and consummated, would offer AstraZeneca shareholders a highly compelling opportunity to realise a significant premium to the undisturbed AstraZeneca share price as of 17 April 2014, which includes a substantial cash payment. AstraZeneca shareholders would become significant shareholders in the combined company and participate in significant value creation opportunities, including benefiting from the potential growth opportunities and operational and financial synergies that the combination of two complementary global pharmaceutical companies would be expected to generate. Pfizer is confident a combination is capable of being consummated. The transaction, if consummated, is expected to result in the combination of the two companies under a new U.K.-incorporated holding company. As a global corporation, Pfizer would expect the combined company to have management in both the United States and the United Kingdom, and to maintain head offices in New York and list its shares on the New York Stock Exchange.

The making of any firm offer by Pfizer would be subject to the following pre-conditions (which may be waived in whole or in part by Pfizer):

• Satisfactory completion of a customary due diligence review by Pfizer;
• Unanimous recommendation by the directors of AstraZeneca to vote in favour of the combination; and
• The directors of AstraZeneca giving irrevocable undertakings to accept any offer in respect of their AstraZeneca shares.

Commenting on the possible transaction, Ian Read, Chairman and CEO of Pfizer, said:

“We have great respect for AstraZeneca and its proud heritage as an innovation-driven biopharmaceutical business with a rich science-based foundation in both the United Kingdom and Sweden. In addition, the United Kingdom has created attractive incentives for companies to manufacture products and maintain and protect intellectual property, and we have seen that capital and jobs have followed these types of incentives.

“We believe patients all over the globe would benefit from our shared commitment to R&D, which is critical to the future success of the pharmaceutical industry, in the form of potential new therapies that help to fight some of the world’s most feared diseases, such as cancer.

“The combination of Pfizer and AstraZeneca could further enhance the ability to create value for shareholders of both companies and bring an expanded portfolio of important treatments to patients. A potential combination with AstraZeneca aligns with Pfizer’s current structure and fully supports its existing strategy to build world-class businesses. The combination would complement our two innovative businesses and our Global Established Pharmaceutical business, allowing us to maintain the flexibility for the potential future separation of our businesses whilst at the same time broadening our pipeline breadth and potential new product launches over coming years. We believe that a transaction would further strengthen our ability to generate strong and consistent cash flow, targeted for both investment in our business and return to shareholders, while at the same time offering an efficient operating structure and the anticipated realization of attractive synergies.

“As always, we continue to focus on value creation and will be disciplined in our approach to capital deployment. Pfizer has a proven track record of successful acquisitions and, if a transaction were consummated, would use its extensive integration experience to support a successful combination of the businesses and focus on delivering value to shareholders.”


Further Information

Join For Free

Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 3,100+ scientific posters on ePosters
  • More Than 4,500+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

Pfizer to Acquire Anacor
Company has entered into a merger agreement under which it will acquire Anacor for $99.25 per Anacor share in cash.
Thursday, May 19, 2016
Pfizer, IBM Collaboration Aims to Transform Parkinson’s Disease Care
Experimental “Internet of Things” system uses connected devices to enable remote measurement of health and quality of life in real-time.
Thursday, April 07, 2016
Pfizer Terminates $160bn Allergan Deal
Proposed merger agreement between Pfizer and Allergan has been terminated by mutual agreement of the companies.
Wednesday, April 06, 2016
Pfizer, Calibr Collaborate
The California Institute for Biomedical Research (Calibr), a nonprofit translational research institute, has announced that it has entered into a global strategic collaboration with Pfizer Inc. to develop novel antibody-based therapeutic agents for the treatment of heart failure.
Friday, January 15, 2016
Pfizer, Adaptive Biotechnologies Collaborate
Pfizer Inc. and Adaptive Biotechnologies Corporation have entered into a translational research collaboration to leverage next generation sequencing of the adaptive immune system to advance Pfizer’s growing immuno-oncology franchise.
Monday, January 11, 2016
Pfizer and Allergan to Combine
This move will create a new global biopharmaceutical leader with best-in-class innovative and established businesses
Tuesday, November 24, 2015
Pfizer and Synthon Enter into U.S. Commercialization Agreement
Synthon’s glatiramer acetate, a potential generic version of Copaxone®1 for the treatment of relapsing remitting multiple sclerosis is currently being reviewed by the U.S. Food and Drug Administration.
Friday, August 07, 2015
Pfizer Announces Expansion of Lease Agreement with MIT Subsidiary
Consolidation of Cambridge research centers creates a single Pfizer Cambridge campus to help expedite discovery and development efforts and encourage creative collaboration.
Friday, July 24, 2015
Pfizer CTI, Foundation Launch Collaboration
Pfizer’s Centers for Therapeutic Innovation (CTI) and the Jeffrey Modell Foundation (JMF) have agreed to collaborate intended to advance research into immunological diseases.
Thursday, July 09, 2015
Pfizer Inaugurates Center of Excellence in Precision Medicine with Strong Focus on Genomics
Work conducted at center to revolutionize diagnosis and treatment of cancer globally.
Thursday, July 09, 2015
Pfizer Enters into Agreement with GlaxoSmithKline
Agreement with GSK to acquire Nimenrix and Mencevax vaccines.
Thursday, June 25, 2015
Pfizer Acquires Minority Interest in AM-Pharma
Option to acquire company may be exercised based on Phase II trial results for recombinant human Alkaline Phosphatase.
Tuesday, May 12, 2015
Merck and Pfizer Finalize Agreement to Co-Promote XALKORI®
Co-promotion of XALKORI allows the alliance between Merck KGaA, Darmstadt, Germany, and Pfizer to establish a combined oncology sales organization in key markets for the program.
Thursday, April 09, 2015
Pfizer to Acquire Hospira for $17B
Companies have into a definitive merger agreement under which Pfizer will acquire Hospira for $90 a share in cash for a total enterprise value of approximately $17 billion.
Thursday, February 05, 2015
Pfizer Acquires Redvax
Acquisition provides Pfizer with a preclinical CMV vaccine candidate.
Thursday, January 08, 2015
Scientific News
The Rise of 3D Cell Culture and in vitro Model Systems for Drug Discovery and Toxicology
An overview of the current technology and the challenges and benefits over 2D cell culture models plus some of the latest advances relating to human health research.
New NIH-EPA Research Centers to Study Environmental Health Disparities
Scientists will partner with community organizations to study these concerns and develop culturally appropriate ways to reduce exposure to harmful environmental conditions.
Structure of Essential Digestive Enzyme Uncovered
Using a powerful combination of techniques from biophysics to mathematics, researchers have revealed new insights into the mechanism of a liver enzyme that is critical for human health.
Air Pollution Linked to Heart Disease
10-year project revealed air pollutants accelerate plaque build-up in arteries to the heart.
Getting a Better Look at How HIV Infects and Takes Over its Host Cells
A new approach, developed by a team of researchers led by The Rockefeller University and The Aaron Diamond AIDS Research Center (ADARC), offers an unprecedented view of how a virus infects and appropriates a host cell, step by step.
Following Tricky Triclosan
Antibacterial product flows through streams, crops.
Vitamin A May Help Improve Pancreatic Cancer Chemotherapy
The addition of high doses of a form of vitamin A could help make chemotherapy more successful in treating pancreatic cancer, according to an early study by Queen Mary University of London (QMUL).
Poverty Marks a Gene, Predicting Depression
New study of high-risk teens reveals a biological pathway for depression.
World’s Largest Coral Gene Database
‘Genetic toolkit’ will help shed light on which species survive climate change.
A Boost for Regenerative Medicine
Growing tissues and organs in the lab for transplantation into patients could become easier after scientists discovered an effective way to produce three-dimensional networks of blood vessels, vital for tissue survival yet a current stumbling block in regenerative medicine.
Scroll Up
Scroll Down
Skyscraper Banner

Skyscraper Banner
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
3,100+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,500+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FOR FREE!