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UK: Pfizer champions uncertain AstraZeneca deal

By  |  May 13, 2014

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.

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    ”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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