It’s official. US drugmaker Pfizer has confirmed it wants to snap up its UK rival AstraZeneca. The deal could value AstraZeneca at a whopping $100bn (£59.5bn).
If the deal goes ahead, it would be the largest takeover of a UK firm by a foreign company.
In a statement, Pfizer said the deal would “bring together highly complementary businesses, enhancing the combined company’s ability to meet patients’ needs”.
Pfizer also said the shares of the combined firm would be listed on the New York Stock Exchange.
Back in January, Pfizer offered to AstraZeneca a combination of cash and shares worth £46.61 per share. However, AstraZeneca refused the deal.
Ian Read, chairman and chief executive of Pfizer said: “We have great respect for AstraZeneca and its proud heritage as an innovation-driven biopharmaceutical business with a rich science-based foundation in both the United Kingdom and Sweden.
“In addition, the United Kingdom has created attractive incentives for companies to manufacture products and maintain and protect intellectual property, and we have seen that capital and jobs have followed these types of incentives.”