Pfizer assurances 'not worth paper they're written on'

Labour have hit out at Pfizer over their proposed takeover of AstraZeneca, saying the company's claims about its commitment to the UK are "not worth the paper they are written on".

Shadow Business Secretary Chuka Umunna dismissed Pfizer's claims about its commitment to the UK's pharmaceuticals sector. Credit: Stefan Rousseau/PA Wire/Press Association Images

Shadow Business Secretary Chuka Umunna issued a statement, saying:

"The assurances Pfizer has given Ministers are not worth the paper they are written on, given that Pfizer has since refused to rule out breaking up the AstraZeneca business and selling off parts of it in the future if this takeover proceeds."

Mr Umunna called on ministers to order a "proper, independent assessment of the takeover" to determine whether it is in the public interest.

Read: Pfizer boss: AstraZeneca takeover a 'win-win for society'

Advertisement

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.