Pfizer argues for AstraZeneca deal in web videos

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Associated Press

Posted on May 11, 2014 at 7:02 AM

Updated Sunday, May 11 at 7:02 AM

NEW YORK (AP) — Pfizer has posted videos on its website in its latest effort to win over critics of its offer to buy British drugmaker AstraZeneca.

In the videos, Pfizer CEO Ian Read seeks to ease fear that the deal would lead to a loss of stature in science in the United Kingdom. He says Pfizer has expanded its research program in Cambridge, Massachusetts, and envisions a similar strategy for Britain's Cambridge, north of London, where many scientists work.

Pfizer has been trying to buy its British rival since January, but has been rebuffed three times. AstraZeneca says Pfizer's latest offer of $106 billion in cash and stock undervalues the company.

The proposed deal has drawn scrutiny from politicians on both sides of the Atlantic who fear a loss of jobs.

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