Drugs boss warns of "disruption" to pharma

In an address to MPs today, AstraZeneca chief executive Pascal Soriot raised concerns over Pfizer’s attempts to acquire the pharmaceuticals firm, and how such a takeover could both disrupt and distract the company.

Soriot pointed to the uncertainty surrounding the futures of AstraZeneca staff which he suggested could be disruptive in the race to develop new products.

“What will we tell the person whose father died from lung cancer because one of our medicines was delayed

AstraZeneca chief executive Pascal Soriot

“What will we tell the person whose father died from lung cancer because one of our medicines was delayed because essentially in the meantime our companies were involved in saving taxes or saving costs?,” Soriot asked a parliamentary committee this morning.

However, Pfizer’s chief executive Ian Read hit back in a separate hearing, suggesting his company will commit 20% of its overall global research and development (R&D) capabilities within the UK.

“We are doing this so the company can be stronger, can bring more medicines to patients and can be a growing company. And as it grows, we have got a commitment to keep 20% of our R&D headcount in the UK. That is a substantial commitment,” Read informed MPs.

“I think the commitment of 20% of a global company’s R&D here in the UK is an unprecedented commitment.”

Having had its proposed first and second bid, which was valued at around £63 billion, rejected by AstraZeneca’s board, Pfizer will now most likely await the outcome of the Commons Science Committee hearing, which is due to take place on Wednesday 14th April, before it makes a further proposal.

AstraZeneca currently operates eight sites within the UK, including drug-development and discovery facilities, manufacturing production lines and its global headquarters in London.

Combined, AstraZeneca employes around 6,700 staff in the UK, some of whom will most likely lose their jobs if a deal is struck.