AstraZeneca accuses Pfizer of opportunism, as UK investigation kicks off

As the arguments continue over the benefits or otherwise of US pharma giant Pfizer’s (NYSE: PFE) £63 billion ($106 billion) proposed takeover offer for Anglo-Swedish drug major AstraZeneca (LSE: AZN), the latter issued a statement, saying that Pfizer’s latest announcement contains no new proposal nor substantive new information.

In a statement to the City today, Pfizer said it "remains disappointed at the lack of engagement by the AstraZeneca board" since its initial approach in January, and it is now outlining its approach directly to AstraZeneca shareholders. Pfizer laid out what it sees as the "strong strategic rationale" of the £63 billion takeover plan.

“The board of AstraZeneca believes Pfizer is making an opportunistic attempt to acquire a transformed AstraZeneca, without reflecting the value of its exciting pipeline. This value should accrue fully to AstraZeneca shareholders. The board reiterates its confidence in AstraZeneca’s ability to deliver on its prospects as an independent, science led business,” said AstraZeneca.