The head of US pharmaceutical conglomerate Pfizer defended plans to acquire UK rival AstraZeneca as Pfizer chief executive Ian Read spoke to a panel of British lawmakers about the deal.
”We don’t see any substantial antitrust issues on this deal anywhere in the world,” Read said.
The merger would mark the largest acquisition of a UK company by a foreign firm and create a pharmaceutical behemoth. No merger deal has been officially made, but Pfizer has offered $106 billion to acquire the UK firm – a figure AstraZeneca said was too low.
Experts are eyeing the proposed acquisition carefully and say if a deal is ever reached it would likely face intense scrutiny from competition regulators. Earlier reports said UK authorities would likely face a battle with the European Commission to review such a deal.
Full content: Business Report
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