IHS Chemical Week

Markets :: Fine Chemicals/Biotech :: Pharmaceutical ingredients

Pfizer raises offer for AstraZeneca, sends letter to UK prime minister

8:45 AM MDT | May 2, 2014 | Natasha Alperowicz

Pfizer announced today that it has submitted a revised written proposal to AstraZeneca to combine the two companies. The move follows consultation with major shareholders. Pfizer says it hopes that the increased proposal to £63.1 billion ($106.5 billion), will provide the basis for AstraZeneca to enter into discussions leading to a possible merger. The offer values AstraZeneca at £50/share in cash and stock.   Pfizer’s chairman and CEO Ian Read contacted AstraZeneca’s chairman before the announcement, and AstraZeneca has indicated it...

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