Pfizer's boss Ian Read is appearing at a business select committee on the US company's proposed takeover of AstraZeneca. ITV News Business Editor Joel Hills has tweeted:
Pfizer boss says his company not alone in cutting jobs, points out AstraZeneca has reduced UK workforce by 40%.
Pfizer boss concedes that if companies merge then joint spend on research would fall.
We have a proposal not offer or a deal. Pfizer boss says he thought it was "inappropriate" to "go behind packs" and engage with unions.
This morning Pfizer has "gone hostile", not with a renewed bid but with an appeal made directly to the shareholders of AstraZeneca.
MPs on the business committee are sceptical that AstraZeneca would remain committed to Britain if taken over by US giant Pfizer.