Labour hit out at Pfizer's potential deal with 'British jewel'

Shadow Business Secretary Chuka Umunna has hit out at a potential deal between US drug giant Pfizer and British drug group AstraZeneca.

The Labour MP said: "Pfizer has a very poor record on previous acquisitions. Do we really want a jewel in the crown of British industry, our second biggest pharmaceutical firm, to basically be seen as an instrument of tax planning?"

Umunna said he doesn't want to see the potential acquisition of AstraZeneca as an instrument of 'tax planning'. Credit: Stefan Rousseau/PA Wire

Read: US drug giant to offer £63bn for Britain's AstraZeneca

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Pfizer admits defeat on AstraZeneca bid

US pharmaceuticals giant Pfizer has called off its multi-billion pound bid to take over British-Swedish firm AstraZeneca. The decision came after AstraZeneca's board declined an offer worth almost £70bn.