Long dominated by global behemoths like Johnson & Johnson and Pfizer, this executive-pay ranking now includes almost as many biotechs as pharma companies.
With the official deadline for any immediate takeover discussions looming on Monday, Pfizer picked up its ball and bat and headed for the lockers, officially calling an end to its odd quest to buy out AstraZeneca.
AstraZeneca Chairman Leif Johansson condemned the tax inversion scheme at the heart of the proposal--along with the cost-cutting that would have followed the megamerger--and confidently chose to gamble the company's future on its new and expanded pipeline.
With U.K. lawmakers skeptical of Pfizer's commitment to keep AstraZeneca jobs and AstraZeneca science in the U.K., Pfizer over the weekend released a series of videos focusing on that science--and downplaying the tax benefits CEO Ian Read crowed about so loudly when first confirming his company's trans-Atlantic bid.
Reuters reports that British Prime Minister David Cameron is now demanding stronger guarantees that Pfizer's buyout of AstraZeneca won't decimate the country's science community and leave a host of employees jobless.
Pfizer considers itself a megamerger expert. And it's hoping to prove that with another megadeal--a $100-billion-or-so buyout of AstraZeneca. After last week's headlines about a possible buyout, both companies confirm that Pfizer is hot to trot and ready to parley.
We thought Pfizer was on a diet. After all, CEO Ian Read has garnered investor acclaim for his unit sales and spinoffs, and more of that action is expected. But the U.S.-based drug behemoth reportedly made a $100 billion-plus merger pitch to its struggling rival AstraZeneca. That would be quite a deal to digest.
Pfizer dropped a bombshell yesterday, saying it would reorganize into three distinct business units, each with its own group president and financial reports. The thinking, of course, is that the company has a breakup in mind. And who wouldn't like to talk about that?
Pfizer is doing some reorganization--the company said Monday that it would split its operations into three distinct units, two focused on "innovative" drugs and a third including so-called "value" business.
Pfizer CEO Ian Read wasn't kidding when he said he'd consider a wholesale split-up of the world's biggest drugmaker. The company said today it would carve its operations into three units, two focused on "innovative" drugs and a third comprising what Read calls Pfizer's "value" business.