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Pfizer hits back at AstraZeneca's drug death delay claims Pfizer hits back at AstraZeneca's drug death delay claims
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Pfizer has hit back at AstraZeneca's claims that a takeover by the US company would risk lives by delaying the development of important drugs.Pfizer has hit back at AstraZeneca's claims that a takeover by the US company would risk lives by delaying the development of important drugs.
Ian Read, Pfizer's chief executive, said warnings that the proposed merger would disrupt AstraZeneca's promising drug pipeline were not valid.Ian Read, Pfizer's chief executive, said warnings that the proposed merger would disrupt AstraZeneca's promising drug pipeline were not valid.
After giving evidence to the business, innovation and skills committee on Tuesday, Read told the Independent: "In this integration, I frankly see no risk of delays for any important products for Pfizer or AstraZeneca. I'm afraid I think that's a real red herring." After giving evidence to MPs on the business select committee on Tuesday, Read told the Independent: "In this integration, I frankly see no risk of delays for any important products for Pfizer or AstraZeneca. I'm afraid I think that's a real red herring."
The Pfizer boss continued: "We would do the integration in a way that the scientists of both AstraZeneca and Pfizer would say 'these are projects that need to be kept on time, need to be ringfenced, need resources', and I have no doubt we would not slow up any of this development." He continued: "We would do the integration in a way that the scientists of both AstraZeneca and Pfizer would say 'these are projects that need to be kept on time, need to be ringfenced, need resources', and I have no doubt we would not slow up any of this development."
AstraZeneca's chief executive, Pascal Soriot, raised the stakes in the battle to fend off Pfizer by telling MPs a merged company would be distracted from potentially life-saving research by post-takeover financial manoeuvres.AstraZeneca's chief executive, Pascal Soriot, raised the stakes in the battle to fend off Pfizer by telling MPs a merged company would be distracted from potentially life-saving research by post-takeover financial manoeuvres.
"What will we tell the person whose father died from lung cancer because one of our medicines was delayed – and essentially was delayed because in the meantime our two companies were involved in saving tax and saving costs?' He said: "What will we tell the person whose father died from lung cancer because one of our medicines was delayed – and essentially was delayed because in the meantime our two companies were involved in saving tax and saving costs?'
Read and Soriot are giving further evidence to parliament on Wednesday, this time to the science and technology committee. Pfizer's proposed £63bn takeover of AstraZeneca has become politically fraught amid fears that the US company would cut science and manufacturing jobs in the UK. Read and Soriot are giving further evidence to parliament on Wednesday, this time to the science and technology committee.
Such actions would undermine the government's attempts to make Britain a centre for scientific research and manufacturing. Read stuck by his pledge to keep 20% of the combined company's research scientists in Britain but admitted there would be cuts in jobs and the combined research budget if the merger happened. Pfizer's proposed that £63bn takeover of AstraZeneca has become politically fraught amid fears that the US firm would cut science and manufacturing jobs in the UK. Such actions would undermine the government's attempts to make Britain a centre for scientific research and manufacturing.
Read stuck by his pledge to keep 20% of the combined company's research scientists in Britain but admitted there would be cuts in jobs and the combined research budget if the merger happened.
AstraZeneca announced on Wednesday that its MedImmune biologics arm would work with Incyte of the US on treatments that use the body's immune system to fight cancer.AstraZeneca announced on Wednesday that its MedImmune biologics arm would work with Incyte of the US on treatments that use the body's immune system to fight cancer.
Bahija Jallal, MedImmune's executive vice president, said: "Immuno-oncology is one of the most exciting areas in our industry and we are progressing our strong pipeline as rapidly as possible. Our partnership with Incyte is further evidence of our belief that combination therapies have the potential to be one of the most effective ways of treating cancer."Bahija Jallal, MedImmune's executive vice president, said: "Immuno-oncology is one of the most exciting areas in our industry and we are progressing our strong pipeline as rapidly as possible. Our partnership with Incyte is further evidence of our belief that combination therapies have the potential to be one of the most effective ways of treating cancer."