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.