Pfizer (PFE) in Talks to Acquire AstraZeneca

Shares of Pfizer Inc. (PFE) closed up +0.16 or +0.53 percent to $30.25 per share on Friday. According to the UK Sunday Times, Pfizer had talks for a 60 billion pound offer ($100.7 billion) for its British rival AstraZeneca Plc. (AZN). According to the newspaper, their information came from industry sources and senior investment bankers that the talks had occurred, but that AstraZeneca rejected the offer and no talks are currently taking place.

New York City based Pfizer Inc. is the largest pharmaceutical company in the world by revenue. Pfizerâ s biggest products include Lipitor, used for lowering cholesterol, Diflucan, an oral antifungal medication, Viagra, for erectile dysfunction and Celebrex, an anti inflammatory drug. London, UK based AstraZeneca Plc. is a UK-Swedish multinational pharmaceutical and biologics company and the seventh largest pharmaceutical company in the world by prescription sales. The company, founded in 1999, was the result of the merger of Swedish Astra AB and the UK based Zeneca Group. AstraZeneca stock was up +5.51 or +8.68 percent to $69.00 per share in pre-market trading early this morning. According to the two people the Sunday Times cited as sources, the talks between the two companies occurred several months ago and that no plans were on the table for talks to resume. Andrew Topen, spokesman for Pfizer said in an e-mail, â

Published on Apr 21, 2014
By Jay Hawk
Jay Hawk
Jay Hawk enjoyed a 12-year professional financial markets career incorporating extensive first hand futures and options experience obtained by trading in the stock, commodity and forex markets on U.S. exchanges. Since retiring as a full-time financial market professional, he has been actively trading stock, commodities, forex and options for his own account and managing funds for others, as well as writing financial market commentary and educational articles.

Copyrighted 2020. Content published with author's permission.

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