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| Pfizer seeks to quell UK research fears over proposed takeover of AstraZeneca | Pfizer seeks to quell UK research fears over proposed takeover of AstraZeneca |
| (about 2 hours later) | |
| Pfizer has sought to dispel fears that its proposed £63bn takeover of AstraZeneca would lead to big cuts in British drug research, a day after Britain's second-largest drugmaker touted its 10-year growth strategy as an independent company. | Pfizer has sought to dispel fears that its proposed £63bn takeover of AstraZeneca would lead to big cuts in British drug research, a day after Britain's second-largest drugmaker touted its 10-year growth strategy as an independent company. |
| The news came as the Anglo-Swedish company's fourth-largest shareholder came out in support of the board's rejection of the approach. Sweden's Investor AB, which owns 4.1% of AstraZeneca, said it was "backing the board" of the company – the biggest investor so far to publicly back the drugmaker's battle to stay independent. | |
| An infographic (pdf) published by Pfizer hailed the benefits of a tie-up, with 82 products in the pipeline, and carried a quote from the former GlaxoSmithKline boss Sir Richard Sykes. "Pfizer are serious and they've got a lot of money to spend. They'll need first-class people doing first-class research," it said. | |
| During prime minister's questions, David Cameron rejected claims that he was "cheerleading" for Pfizer, saying he was "fighting for British jobs". | During prime minister's questions, David Cameron rejected claims that he was "cheerleading" for Pfizer, saying he was "fighting for British jobs". |
| "The commitments that have been made so far are encouraging," he said, referring to pledges from the US firm to complete AstraZeneca's planned scientific campus in Cambridge, to base 20% of the new company's research and development workforce in the UK and to manufacture more here. | "The commitments that have been made so far are encouraging," he said, referring to pledges from the US firm to complete AstraZeneca's planned scientific campus in Cambridge, to base 20% of the new company's research and development workforce in the UK and to manufacture more here. |
| But Cameron added:"I'm not satisfied, I want more, but the way to get more is to engage." | But Cameron added:"I'm not satisfied, I want more, but the way to get more is to engage." |
| Sweden's finance minister, Anders Borg, said Pfizer failed to honour promises made on research jobs when it bought Swedish drugmaker Pharmacia in 2002. He told BBC Radio 4: "Our experience shows that their track record is not very convincing and I think one should take these kind of promises not only with a pinch of salt but a sack full of salt." | Sweden's finance minister, Anders Borg, said Pfizer failed to honour promises made on research jobs when it bought Swedish drugmaker Pharmacia in 2002. He told BBC Radio 4: "Our experience shows that their track record is not very convincing and I think one should take these kind of promises not only with a pinch of salt but a sack full of salt." |
| The backlash against Pfizer's takeover approach is growing, with the former City minister Lord Myners saying Cameron was ill advised to get drawn into becoming a "cheerleader" for the proposal. | The backlash against Pfizer's takeover approach is growing, with the former City minister Lord Myners saying Cameron was ill advised to get drawn into becoming a "cheerleader" for the proposal. |
| Myners also told ITV that it is "simply not acceptable" to say the tie-up is not a matter of public interest and cannot simply be left to shareholders. | Myners also told ITV that it is "simply not acceptable" to say the tie-up is not a matter of public interest and cannot simply be left to shareholders. |
| AstraZeneca's chief medical officer, Briggs Morrison, who spent five years at Pfizer, told reporters of his concerns over the commercial culture at the maker of the Viagra and cholesterol drug Lipitor. | AstraZeneca's chief medical officer, Briggs Morrison, who spent five years at Pfizer, told reporters of his concerns over the commercial culture at the maker of the Viagra and cholesterol drug Lipitor. |
| AstraZeneca's chief executive, Pascal Soriot, brought a new focus on science when he took over from David Brennan, a former salesman, 18 months ago. | AstraZeneca's chief executive, Pascal Soriot, brought a new focus on science when he took over from David Brennan, a former salesman, 18 months ago. |
| "We are trying to create an organisation where the whole organisation is focused on science," Morrison said. "I didn't have the feeling that every part of [Pfizer] was science based." | "We are trying to create an organisation where the whole organisation is focused on science," Morrison said. "I didn't have the feeling that every part of [Pfizer] was science based." |
| It also emerged that two of Cameron's senior advisers have been paid by Pfizer in the past – Mark Textor, a strategist hired by the Conservative party who has lobbied on behalf of the drugmaker, and Gabby Bertin, now the No 10 press secretary, who was paid £25,000 by Pfizer to work as a researcher for the former defence secretary Liam Fox's contentious Atlantic Bridge charity. | It also emerged that two of Cameron's senior advisers have been paid by Pfizer in the past – Mark Textor, a strategist hired by the Conservative party who has lobbied on behalf of the drugmaker, and Gabby Bertin, now the No 10 press secretary, who was paid £25,000 by Pfizer to work as a researcher for the former defence secretary Liam Fox's contentious Atlantic Bridge charity. |
| The Unite union says AstraZeneca's 6,700-strong UK workforce has a right to know what links the Tory government has to Pfizer. | The Unite union says AstraZeneca's 6,700-strong UK workforce has a right to know what links the Tory government has to Pfizer. |
| Unite's assistant general secretary, Tony Burke, said: "We want to know, and we are sure that the public will want to know, what is the extent of the relationship between the government, Cameron's paid strategists and Pfizer? | Unite's assistant general secretary, Tony Burke, said: "We want to know, and we are sure that the public will want to know, what is the extent of the relationship between the government, Cameron's paid strategists and Pfizer? |
| He added: "To date the government has been banging the drum for a company that appears to want to put UK jobs and R&D at risk so it can reduce its taxes. The Pfizer bid for AstraZeneca goes against the grain of the government's so-called strategy for advanced manufacturing and the national interest." | He added: "To date the government has been banging the drum for a company that appears to want to put UK jobs and R&D at risk so it can reduce its taxes. The Pfizer bid for AstraZeneca goes against the grain of the government's so-called strategy for advanced manufacturing and the national interest." |