STOCKHOLM: Pfizer American multinational pharmaceutical is unlikely to come back with a fresh bid for AstraZeneca, the Anglo Swedish pharmaceuticals group’s top executive was quoted as saying on Saturday.
AstraZeneca saw off a $118 billion approach from Pfizer in May and British takeover rules now allow Pfizer to renew its pursuit. AstraZeneca Chief Executive Pascal Soriot told I consider it unlikely that Pfizer will return with a bid.
Soriot had said last month that a US clampdown on tax inversions had made the lucrative tax basis underpinning Pfizer’s approaches more uncertain.
Soriot said I cannot say it will never happen, but the probability that Pfizer returns is much less. The US company signed a major cancer drug deal with Merck KGaA last month, reducing its need for AstraZeneca’s products.
Soriot told above all our share price has risen, so we have become more expensive. Today’s share price is at a level with the first offer Pfizer made early this year.
