Mega-Deal Gone Down Astra Zeneca Brushes Off Pfizer Offer
It could have been the world’s biggest takeover in pharmaceuticals ever: Pfizer has placed a € 85 million bid for Astra Zeneca. But it seems that the Brits met Pfizer’s advances with a rebuff.
London/United Kingdom – Mega-deal gone down: The board of Astra Zeneca has declined Pfizer’s latest offer. The American pharma giant initially offered € 72.5 million, then 77 and finally more than € 85 million for Astra– but the British company stayed reluctant. A hostile takeover was not an option, Pfizer said earlier.
Pfizer is heavily affected by the expiration of patent’s for several of its cashcows, namely Vigra and Lipitor, both of which are available as generics. Therefor, a strong partner like Astra Zeneca would be a good choice for a fusion: Together, both companies could dethrone the current number one in pharma, Novartis. Furthermore, the Brits are working on a promising cancer treatment drug.
Mergers and acquisitions are the order of the day for the ‘big pharma’: Recently, German chemicals giant Bayer bought the consumer care business of US based Merck & Co for more than US$ 10 billion. Also Novartis announced to be looking for promising opportunities for acquisitions in the double–digit billion Euro range.