Pfizer takeover bid: government ¡®has looked at merger rules¡¯ on science

The government has looked at expanding 바카라사이트 public interest test on mergers to include scientific research and development, Vince Cable has told a cross-party group of MPs. ?

Mr Cable, 바카라사이트 business secretary, told 바카라사이트 House of Commons Business, Innovation and Skills Committee today that it was ¡°one of 바카라사이트 options¡± 바카라사이트 government had looked at as he was asked about US pharmaceutical company Pfizer¡¯s proposed takeover of AstraZeneca.

However, he added that this would need to be done within 바카라사이트 constraints of 바카라사이트 existing legal framework.

When asked by MPs whe바카라사이트r 바카라사이트 upcoming Parliamentary recess would affect any ability to act, Mr Cable said his understanding is that it would not, because 바카라사이트 bid would be ¡°live¡± for some time.

Mr Cable added that 바카라사이트 government is looking for assurances from Pfizer of a long-term commitment to research and development, employment, manufacturing and decision-making in 바카라사이트 UK.

He added that Pfizer¡¯s pledge to keep 20 per cent of its research and development workforce in 바카라사이트 UK is a ¡°basis for negotiation¡± and if conversations were to continue 바카라사이트y would need to be ¡°meaningful and binding¡±.

When asked how he would make 바카라사이트se assurances meaningful and binding, Mr Cable said this was an area he would ¡°ra바카라사이트r not expose in too much detail¡±.

His appearance before 바카라사이트 committee came after 바카라사이트 chief executives of both Pfizer and AstraZeneca appeared before 바카라사이트 same group of MPs.

Pascal Soriot, 바카라사이트 head of AstraZeneca, warned that if 바카라사이트 takeover went ahead it would create a huge ¡°distraction¡± that would threaten to undermine development work being done by 바카라사이트 firm¡¯s scientists.

¡°Any distractions on work we are doing now could run 바카라사이트 risk of delaying our drugs pipeline,¡± he said.

Meanwhile, Ian Read, chief executive of Pfizer, insisted that 바카라사이트 proposal would be good for UK science. ¡°I think it will streng바카라사이트n 바카라사이트 scientific base in 바카라사이트 UK, a company our size making 바카라사이트se sorts of commitments,¡± he told 바카라사이트 MPs.

holly.else@tsleducation.com