slutreddy Posted April 28, 2014 Report Posted April 28, 2014 The firm said it had contacted AstraZeneca over a multi-billion pound bid for the UK-based drug maker. If successful, the deal would be the biggest ever takeover of a UK firm by a foreign company. Pfizer said it approached AstraZeneca on Saturday, after an initial offer in January, worth £58.8bn, was rebuffed. AstraZeneca said the original offer "significantly undervalued" the firm, which employs more than 51,000 staff. However, AstraZeneca said it was "confident" its strategy would create "significant value" for shareholders on its own. "The Board remains confident in the ongoing execution of AstraZeneca's strategy as an independent company," it added. Continue reading the main story Pfizer said in a statement that AstraZeneca's refusal to engage meant it was currently "considering its options". Global player AstraZeneca manufactures drugs in 16 countries focusing on treatments for diabetes, cancer and asthma as well as antibiotics. It reported £25.7bn in sales last year, with £3.3bn in pre-tax profit. In the UK it has eight sites and about 6,700 employees. Recently it posted a drop in first quarter profits - and laid off thousands of staff in an effort to reduce its costs to compensate for a fall in sales - due to patent losses on blockbuster medicines. In April, it posted a drop in first quarter profits after its earnings were by hit by patents expiring on some of its older medicines. 'Compelling opportunity' Pfizer said its initial offer in January was a combination of cash and shares worth £46.61 per AstraZeneca share, worth £58.8bn in total. At the time, it represented a 30% premium to AstraZeneca's share price, although AstraZeneca's share price has since increased and on Monday morning it jumped nearly 15% to £46.88p. Pfizer said the deal was "a highly compelling opportunity" for AstraZeneca's shareholders. It said if the takeover went through, the combined firm would have management in both the US and the UK, but would list its shares on the New York Stock Exchange. Hostile move? Buying AstraZeneca would give Pfizer, whose drugs include Viagra, access to a number of cancer and diabetes drugs. However, Justin Urquhart Stewart, head of corporate development at Seven Investment Management, told the BBC the price Pfizer is offering was still too low to secure a deal. "It's too close to what it is priced at in the market," he said. "They've tried to talk to the management and gain agreement but that's not happened so they are considering now going directly to the shareholders". Citi analyst Andrew Baum said he believed there was now a 90% chance that Pfizer would acquire AstraZeneca for at least around £49 a share. pfizer to take
godfather03 Posted April 28, 2014 Report Posted April 28, 2014 Surprised..Astrazeneca chala pedda company, and profits lo kooda unnattundi, it reminds me of Ranbaxy - Daichi Sankyo deal in 2008.
slutreddy Posted April 28, 2014 Author Report Posted April 28, 2014 :3D_Smiles: ...zeneca pedda company kada... r n d expenses bare cheyyalekapothondi ani industry talk....india lo banglore lo...161 r n d scientists ki noticwe ichindi anta.....we r going to close the r n d lab ani astrazeneca....
Hummer Posted April 28, 2014 Report Posted April 28, 2014 ante inka global ga no more astrazeneca na?
Hummer Posted April 28, 2014 Report Posted April 28, 2014 98.7B$ US economy ki bokka...ani talks.. u.s economy bokka why?
Spartan Posted April 28, 2014 Report Posted April 28, 2014 u.s economy bokka why? New York-based Pfizer, by buying AstraZeneca, is trying to switch its official domicile from the U.S. to the U.K., where the corporate tax rate is due to drop from 21 percent to 20 percent in 2015. The corporate tax rate in the U.S. is 35 percent. In addition, the combined company, based in London, would have to pay U.K. taxes on profits earned only inside the U.K. itself, unlike companies domiciled in the U.S., which are taxed on their worldwide income. That difference could yield a windfall for Pfizer, if it brings some of the $69 billion of earnings it has stashed in overseas tax havens to London.
Hummer Posted April 28, 2014 Report Posted April 28, 2014 New York-based Pfizer, by buying AstraZeneca, is trying to switch its official domicile from the U.S. to the U.K., where the corporate tax rate is due to drop from 21 percent to 20 percent in 2015. The corporate tax rate in the U.S. is 35 percent. In addition, the combined company, based in London, would have to pay U.K. taxes on profits earned only inside the U.K. itself, unlike companies domiciled in the U.S., which are taxed on their worldwide income. That difference could yield a windfall for Pfizer, if it brings some of the $69 billion of earnings it has stashed in overseas tax havens to London. ok got it
Krish Posted April 28, 2014 Report Posted April 28, 2014 New York-based Pfizer, by buying AstraZeneca, is trying to switch its official domicile from the U.S. to the U.K., where the corporate tax rate is due to drop from 21 percent to 20 percent in 2015. The corporate tax rate in the U.S. is 35 percent. In addition, the combined company, based in London, would have to pay U.K. taxes on profits earned only inside the U.K. itself, unlike companies domiciled in the U.S., which are taxed on their worldwide income. That difference could yield a windfall for Pfizer, if it brings some of the $69 billion of earnings it has stashed in overseas tax havens to London. wow!!
tom bhayya Posted April 28, 2014 Report Posted April 28, 2014 New York-based Pfizer, by buying AstraZeneca, is trying to switch its official domicile from the U.S. to the U.K., where the corporate tax rate is due to drop from 21 percent to 20 percent in 2015. The corporate tax rate in the U.S. is 35 percent. In addition, the combined company, based in London, would have to pay U.K. taxes on profits earned only inside the U.K. itself, unlike companies domiciled in the U.S., which are taxed on their worldwide income. That difference could yield a windfall for Pfizer, if it brings some of the $69 billion of earnings it has stashed in overseas tax havens to London.
Barney_Stinson Posted April 28, 2014 Report Posted April 28, 2014 Some thing going on in pharma & medical industry ... Novartis buying GSKs unit recently and idi materialise avutundo ledo kaani .. will be huge after Pfizer-Wyeth deal
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