Pfizer boss admits merger would see research spend fall

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:

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Pfizer boss says his company not alone in cutting jobs, points out AstraZeneca has reduced UK workforce by 40%.

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Pfizer boss concedes that if companies merge then joint spend on research would fall.

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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.

Read: Pfizer has 'gone hostile' with appeal to AstraZeneca shareholders

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Ed Miliband: 'Serious concerns' over proposed Pfizer deal

Following a brief 30 minute with Pfizer chief executive Ian Read after today's hearing Mr Miliband said: "There are serious concerns about this proposed takeover. There are too many unanswered questions about British science and British industry".