Pfizer confirmed Monday via press release that, yes, it is trying to gobble up fellow drugmaker AstraZeneca.
Pfizer confirmed Monday via press release that, yes, it is trying to gobble up fellow drugmaker AstraZeneca. And AstraZeneca replied, “No, thanks,” also by press release.
“After limited high-level discussions, AstraZeneca declined to pursue negotiations,” Pfizer said of its roughly $100 billion offer. The release said the discussions were discontinued on Jan. 14.
But after a flurry of reporting on the rumored deal, Pfizer again floated a possible merger on April 26. It was rebuffed again.
“AstraZeneca again declined to engage,” Pfizer said.
We reported on the potential acquisition last week, since both companies have large footprints in the Philadelphia region. Pfizer has a major facility in Collegeville, Pa.; the U.S. headquarters of the British AstraZeneca are in Wilmington, Del.
A professor at Temple University who previously worked at AstraZeneca told NewsWorks that his former colleagues in Delaware stand to lose out, should the pharma companies merge.
“My guess is that many of those positions would probably be eliminated,” George Chressanthis said.
AstraZeneca fired a shot at Pfizer’s bid in its press release.
“The Board of AstraZeneca concluded that the Proposal very significantly undervalued AstraZeneca and its prospects,” the company wrote of the Pfizer offer.
As noted by NewsWorks content partner Delaware Business Daily, AstraZeneca is already in the process of slimming down its Delaware operations.
Disclosure: AstraZeneca supports WHYY’s The Pulse.