Pfizer bosses face MP fresh scrutiny over Astra

BOSSES of deal-hungry drugs giant Pfizer will be back in front of MPs today facing fresh questions from the Commons Science Committee about its £63bn proposal to buy AstraZeneca.

On Tuesday, chairman Ian Read answered searching questions from the Business Committee on the implications of the potential takeover of the British company, which employs 2,000 people manufacturing in Macclesfield.

MPs want assurances that a takeover of AstraZeneca would not be against UK interests.

The chairman of the Commons Science Committee, Andrew Miller MP, says he has been unimpressed so far by Pfizer’s assurances over jobs and investment.

Pascal Soriot, chief executive of AstraZeneca, also warned that new drug development could be hit if it were taken over by Pfizer.

Mr Soriot told MPs that a takeover would create huge disruption and distraction as scientists worried about their futures rather than development.

But he later told the BBC’s Newsnight programme that he would consider a bid from Pfizer if the offer price increased, and that the disruption from the potential deal with Pfizer was “manageable” despite telling MPs on Tuesday that it would put lives at risk because drugs would be developed less quickly.

Tuesday’s Business Committee hearing on the proposed takeover took place amid worries about the damage it could do to UK interests.

But Business Secretary Vince Cable told the Committee that blocking a bid could be “tricky”.

Pfizer’s Ian Read told the MPs his company was not a ruthless cost-cutter, and said the drugmaker acted with “integrity”.

He repeated assurances that Pfizer would protect jobs and investment, but admitted that a merger would mean a reduction in the combined companies’ spending on research and development.

Mr Soriot told the Business Committee that the uncertainty created by a takeover could undermine some of AstraZeneca’s work.