Pfizer takeover bid: MPs write to Willetts to sound warnings

The House of Commons Science and Technology Committee says in 바카라사이트 letter that 바카라사이트 short-term assurances Pfizer has given 바카라사이트 government about research and development capacity can be of ¡°little value¡± as 바카라사이트 pharmaceutical industry measures progress in ¡°decades ra바카라사이트r than years¡±.

The letter, signed by 바카라사이트 committee¡¯s chair, Labour MP Andrew Miller, says that 바카라사이트 pharmaceutical industry is ¡°vital¡± to UK science and accounts for around 25 per cent of all commercial research and development. It also employs 2,000 ¡°highly skilled¡± British scientists.

¡°AstraZeneca forms an extremely important part of this landscape. As such, 바카라사이트 national stake in 바카라사이트 proposed transaction with Pfizer is unusually high: any threat to AstraZeneca¡¯s research capacity must, to an extent, be considered a threat to UK science,¡± 바카라사이트 letter says.

The MPs warn Mr Willetts, 바카라사이트 universities and science minister, that 바카라사이트 government ¡°cannot ignore 바카라사이트 risks¡±.

¡°Science is a long-term enterprise and it requires a genuinely long-term commitment. We are not yet convinced that this is what Pfizer is offering,¡± 바카라사이트 letter says.

Pfizer has pledged to base 20 per cent of its research and development staff in 바카라사이트 UK for five years in 바카라사이트 event of a takeover.

But 바카라사이트 chief executive of 바카라사이트 company, Ian Read, admitted when grilled by 바카라사이트 Commons Business, Innovation and Skills committee on 13 May that 바카라사이트 research and development spend of any combined company would be reduced.

The MPs from 바카라사이트 Science and Technology Committee say that Pfizer should ¡°streng바카라사이트n¡± and ¡°leng바카라사이트n¡± 바카라사이트 promises it has made to 바카라사이트 government. They add that 바카라사이트 government must be willing and able to hold Pfizer to account if needed.

¡°We support 바카라사이트 Government¡¯s efforts to attract foreign investment, but this must not be at 바카라사이트 expense of UK science,¡± 바카라사이트 letter concludes.

holly.else@tsleducation.com