Pfizer
and AstraZeneca are the powerhouses and giants of the pharmaceutical
industry. Both of these companies have
dominated the market for many years now in order to make the world a better
place to live. However, a few months ago, Pfizer planned to sign a block buster
deal to purchase AstraZeneca which the company rejected without having second
thoughts. According to the boss of AstraZeneca, he said that “Pfizer ordeal was
one of the most testing moments of my career.” This will not be wrong to say as
Pfizer gave a very tough time to Pascal Soriot after putting a couple of
tempting deals.
The
boss of the company and the company itself believes that AstraZeneca is betteroff alone and it was the right decision to reject multiple bids from rivals
Pfizer. Moreover, it is believed that the future of pharmaceutical giants
AstraZeneca is bright and it can do better business being independent. As
Pascal Soriot puts it, “It was a testing period but also a building period for
all of us. It really helped the company come together.”
It
is sure from the company’s point of view that they are not interested in any
other bid from Pfizer and it will be rejected whatsoever. Telegraph reported
that “It is not that the AstraZeneca boss feels immune to another approach,
though City consensus would suggest he could. It is because the Frenchman has
learnt to face the threat of a corporate predator with a philosophical Gallic
shrug.”
According
to the company officials it was said that Pfizer backed off after the first bid
was rejected by AstraZeneca. But Pascal Soriot in his interview with Telegraph
said “I tend to be trusting. Back in January when Pfizer said they were
withdrawing and no longer interested, I believed it. Then they returned out of
the blue.”
AstraZeneca
is doing an outstanding business and has been performing well in the market in
recent times. Hence, it might be a correct decision to not sign a blockbuster
deal with Pfizer.
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