Pfizer’s time ran out yesterday for making a formal bid to AstraZeneca, as outlined by the strict timetabling allowed for takeovers of public companies. The US drugs giant confirmed that ‘it does not intend to make an offer for AstraZeneca’.
Leif Johansson, Chairman of AstraZeneca stated that in accordance with Pfizer’s confirmation to no longer pursue Astra, ‘we welcome the opportunity to continue building on the momentum we have already demonstrated as an independent company’.
The timetabling, which decreed Pfizer make a formal bid or remove its interest now also has strict limits on how the companies can proceed. Pfizer now has a six month gap before it can make a fresh offer to AstraZeneca, unless the company invites its attention.
As reported by the BBC News it is thought that within six months the US would have gone a long way ‘to closing the tax loophole’, which makes AstraZeneca a very attractive proposition for Pfizer.
The future of both Pfizer and Astra is unclear, will Pfizer make another move on Astra? There are many variables as to how the next six months, to a year pan out, what is certain however, is that this potential deal has woken up the industry and reignited the Pharma M&A landscape. If you are interested in how the current Pharma mergers and acquisition field continues to unfold, join us for the inaugural Pharma M&A Briefing on 10th June, to learn about current trends and how to capitalise on your companies potential. Download the brochure here.