Pfizer-AstraZeneca deal is not inevitable: Pascal Soriot

Pfizer-AstraZeneca deal is not inevitable: Pascal Soriot

Pfizer's takeover bid for AstraZeneca is not inevitable and the Anglo-Swedish pharmaceutical giant can create value for its shareholder on its own, according to AstraZeneca CEO Pascal Soriot's claims.

American pharmaceuticals giant Pfizer, the maker of Viagra, has made a £63-billion ($106 billion) bid to acquire AstraZeneca. The U. S.-based company wants to create a new pharmaceuticals entity that will reportedly be domiciled in the UK for tax purposes but will slash the current combined £7 billion research budget of the two companies.

The potential merger will also lead to thousands of British job losses, especially in the research & development (R&D) field.

While many experts believe that Pfizer will successfully acquire the British firm, Soriot has once again argued that the deal in not inevitable.

Speaking on the topic, he said, "At the end of the day, what it does is hopefully show people this deal is not inevitable. A lot of people think this is a done deal and a question of price and we are actually very confident we can create shareholder value on our own."

He also warned that a merger between the two companies could delay the development of many life-saving medicines.

Mr. Soriot pointed out that AstraZeneca has a number of promising advance-stage research findings in fields of treatments for psoriasis, lung cancer, lupus etc, which would allow the company to provide shareholder value.