Live updates

Pfizer's hostile bid for AstraZeneca could come soon

Pfizer could launch a hostile bid for AstraZeneca very soon. Credit: Dan Kitwood/PA Wire

US pharmaceutical giant Pfizer could make a hostile bid for AstraZeneca as early as today.

Its £63 billion takeover offer was rejected after the UK company said it "substantially" undervalued the business.

That has forced Pfizer to consider its next move, with industry experts believing a hostile bid - which would aim to bypass the AstraZeneca management and target shareholders directly - could come soon.

Last week, Pfizer insisted it was committed to building a research and development hub in Cambridge which was planned by AstraZeneca.

The £300m base at the Cambridge Biomedial Campus would house about 2,000 researchers.

But a hostile bid would trigger increased calls for the offer to be referred to the competition authorities and would also heighten union fears over jobs if the takeover was successful.

£300m Cambridge research centre secured

Pfizer
Pfizer is planning to take over Astrazeneca Credit: Dan Kitwood/PA Wire

US drugs giant Pfizer has said it is committed to building a planned research and development hub in Cambridge.

There were doubts over its future because of a possible £63 billion takeover of AstraZeneca, which had initially tabled the plans.

Pfizer has written to the Prime Minister confirming it's intention to see through with the project.

The £300 million base at the Cambridge Biomedial Campus will house about 2,000 researchers.

Advertisement

Advertisement

Today's top stories