Pfizer Plans To Raise Bid for AstraZeneca: Media Reports

Media reports reveal that Pfizer plans to increase its bid to acquire AstraZeneca as it seeks to bring the British pharmaceutical giant to the negotiating table.

Pfizer disclosed Monday that AstraZeneca in January rejected an offer of about $99 billion to acquire the British company and that AstraZeneca last weekend rebuffed a second effort to engage in merger talks.

Merger Tussle Between Drugs Giants Pfizer, AstraZeneca With $100 Bn Deal
An informal approach worth almost $100 billion between US drugs giant Pfizer entering into merger with British rival AstraZeneca will fuel cancer research.

AstraZeneca on Monday said Pfizer's bid "significantly undervalued" the British company.

Reports in financial media, citing unnamed sources, said Pfizer plans to bid $106 billion or thereabouts, with some of the stories saying the pharmaceutical giant could offer a larger share of the offer in cash as opposed to Pfizer stock.

Pfizer declined to comment on the reports.

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Experts suggest that an experimental cancer drug developed by Pfizer could provide a potential treatment in slowing down the spread of advanced breast cancer.

The biggest US drug maker by revenue has said the deal would combine research pipelines in oncology and other key disciplines. Pfizer also cited the potential for huge spending cuts and a lower tax bill.

Pfizer's attempt to buy AstraZeneca comes amid a wave of deal-making in the pharmaceutical sector as drugmakers face big sales declines due to patent expirations.

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Source-AFP

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