6th May 2014 05:55
LONDON (Alliance News) - AstraZeneca PLC, which rejected Pfizer Inc?s informal GBP50-per-share proposal last week as a ?substantial? undervaluation, will on Tuesday issue details of its strengthening pipeline of new drugs, including some promising cancer therapies, in an effort to persuade investors to keep faith with it as an independent company, the Financial Times reports.
AstraZeneca's chairman has also urged British Prime Minister David Cameron not to give ammunition to Pfizer?s GBP63 billion takeover approach as the UK group prepares to step up its defence against the bid by trumpeting new drugs under development, the paper says.
Leif Johansson, AstraZeneca?s Swedish chairman, cautioned the UK prime minister that the government?s active engagement with Pfizer could allow the US group to claim that Downing Street was in favour of the deal, The FT said, citing one official close to the discussions between the company and Number 10 on Friday.
http://www.ft.com/cms/s/0/0ca7ff46-d44c-11e3-a122-00144feabdc0.html#axzz30ubAjJvu
By Steve McGrath; [email protected]; @SteveMcGrath1
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