Pfizer buying AstraZeneca

Pfizer just can't stop.

Handled well? Read didn't

Handled well? Read didn't even know how many people AZ employed. That was embarrassing. But then again, it just confirms that staff are not a factor. Who counts the bacteria before you bleach the toilet?

not so sure about that. I

not so sure about that. I think Read handled the questions pretty well. None of the MPs went for his throat which was a shame because they have enough ammunition to humiliate him. Not one had the killer touch. There was nothing in that performance to suggest the takeover wont go through. Cable is last on but his hands are tied by Camerons links to Pfizer. There were a number of Reads comments however that would have made US staff more nervous than those here in the UK. No one suggests the US wont get hit but Reads emphasis on Europe may imply yet another North American massacre to come. What a mess.

Just finished watching the

Just finished watching the live business committee meeting. Watch it, Reed et al given a hard time. I doubt Reed has ever been spoken to like this. The Conservative MP really gave Reed a hard time

I joined Fisons, later Astra,

I joined Fisons, later Astra, later AZ in the late 80s, there have been rumours of a Pfizer takeover ever since. Nice to see some truth in it at last!

Hey guys, this is the running

Hey guys, this is the running order for today. Can be watched live on TV or online on BBC Parliament. Our colleagues across the pond can catch it later either on YouTube. There are also numerous RSS feeds available and various Journalists will be Tweeting. There will also be the official BBC Twitter coverage. No point in posting links because it will send Biofind Captcha into a fit. The two key players are obviously Read and Cable. Read is expected on at 10.30 UK time.

Tuesday 13 May. 9.30am Business, Innovation and Skills
Subject: The future of AstraZeneca
Location: The Grimond Room, Portcullis House

Witness(es):

1. Tony Burke, Assistant General Secretary, Unite

2. Allan Black, National Officer, GMB

3. Ian Read, Chairman and Chief Executive, Pfizer Inc

4. Frank D'Amelio, Executive Vice President, Business Operations and Chief Financial Officer, Pfizer Inc.

5. Jonathan Emms, UK Managing Director, Pfizer Inc

6. Pascal Soriot, Executive Director and Chief Executive Officer, AstraZeneca plc

7. Mene Pangalos, Executive Vice President, Innovative Medicines & Early Development, AstraZeneca plc

8. Dr Jane Osbourn, Vice President, R&D Medlmmune Cambridge

9. Rt Hon. Dr Vince Cable MP, Secretary of State for Business, Innovation and Skills

Same thing happens tomorrow except it is the science guys that form the committee. That may actually be a lot funnier given the poor the understanding of drug discovery possessed by Read and Soriot. No idea what Osbourn brings to the party given that she's likely to be for the chop.

Commitment to UK

Commitment to UK jobs/science?
Sandwich, anyone?

Whether in the UK or US, what

Whether in the UK or US, what do you expect when you have the best politicians that money can buy?

No one denies any of this.

No one denies any of this. But it is all largely irrelevant given that the various politicians who will make up the committee are all a bit ethically suspect themselves. The committee is being videotaped so will end up online by Wednesday. We intend to have the Wikipedia Pfizer entry modified by the same time. No doubt Pfizer HR will already have their little team of Holocaust Deniers ready to edit Wikipedia at the same time. You have to reluctantly admire their ability to rewrite their own history. But, sadly, when the dust settles, little will have changed. At best, IR will have had a moderately uncomfortable time, the UK government will have appeared to a thick herd of voters to have done all in their power, and AZ will be absorbed by Pfizer only to have their British based shut down by 2020. Pfizer will become the only company to have ass-fucked the British public twice. IR will retire very nicely in 2016 so he wont be around to take the crap.

Read is a declining old man.

Read is a declining old man. Without his career he is nothing. The only thing that's keeping the corrupt dinosaur alive is his mistaken belief in his own importance. I genuinely feel for everyone at AZ because this old bag of bones and offal, in his final years, is going to destroy the lives of thousands. The Parliamentary Committee need to consider several factors when they encounter the stupid old duffer.
1. Past behavior is the best predictor of future behaviour. How has Pfizer consistently behaved over the past 20 years?
2. Their promises 'may be modified' if circumstances change. Will the imminent patent expirations of 5 of Pfizers drugs constitute changed circumstances?
3. How many times in the past 20 years have Pfizer been involved in illegal clinical and marketing practices? A clue? Its over 10. How many directly involved Read? A clue? Its over 10?
4. What age group will constitute the largest proportion of British redundancies? A clue? Its over 40.

Dear MPs. Read is a liar. It is easy to spot. His lips will move.

This is getting so

This is getting so interesting. Every day that goes by the UK press is so against this deal as are most politicians. But Reed has committed his head to the block. If this deal does not go through his career is over. His shareholders are going to crucify him for what he has done to the Pfizer share price and reputation ( not that it had one). To get AZ to talk they are going to have to offer at least £55-60 per share. Reed is going to have to offer real binding guarantees on jobs in the UK which means massive cuts to the US and Sweden. US politicians are not happy. Next week should be interesting

The management at Alderley

The management at Alderley Park are outsourcing increasing volumes of R&D to academic groups and their PhD students who present cheap, disposable workers. The move to Cambridge is to filter out the internal scientists and keep the management who can afford to live in the south east of the UK. The future of AZ is "managed outsourcing" and "strategic partnering" (or whatever bullsh1t term they invent next). AZ Cambridge will be a late stage commercialization platform ready to buy up the tech park start-ups, which is no different to the strategy of Pfizer.

Just to follow up on the

Just to follow up on the footballing analogy further down this board, that's the same Manchester United with the US shareholders remember, and they have of course voted no confidence in that Scots manager, he's out on his ear now.

Oh, and by the way, for good measure, Arsenal have finished above them in the Premiership and qualified for next year's honey pot.

Welcome back Arsene, good to see you, always knew you were a survivor...

Vive la resistance, Pascal!

Yeah and Chancellor Osborne

Yeah and Chancellor Osborne did nothing when AZ closed Charnwood in Leicestershire and Brixham in Devon. It was only when it started to affect his own constituency, with the closure of Alderley Park, that he intervened.

Politicians are the LAST people who should be deciding what is right for British science because they've done bugger all to look after it over the past three decades.

Yeah and Chancellor Osborne

Yeah and Chancellor Osborne did nothing when AZ closed Charnwood in Leicestershire and Brixham in Devon. It was only when it started to affect his own constituency, with the closure of Alderley Park, that he intervened.

Politicians are the LAST people who should be deciding what is right for British science because they've done bugger all to look after it over the past three decades.

What I find hypocritical is

What I find hypocritical is that no-one (especially politicians) minded the Sandwich site being under foreign ownership but now object to this for AZ UK facilities.

I would like to offer up an

I would like to offer up an alternate scenario for discussion. Just supposing that Manchester United, with Scots manager (take your pick) was seeking to merge his football club with Arsenal (French manager). Cue lots of platitudes about "of course we'll keep both stadia, we can play our home matches alternately at Old Trafford and then at The Emirates". "Of course we won't sack players (but we might have to redeploy them as chauffeurs up and down the M1/M6)." "We shall, of course, only need one manager going forward" (bye bye Arsene). Not to mention the increased cost to the paying customers of course. Prawn cocktail anyone?

Fight AZ fight! Pfizer will

Fight AZ fight! Pfizer will pick at your bones and eventually leave you laying in the mud just like the others. You at least have a chance alone. If this happens expect a 50% budget cut and no career development within the first month. This is bad for both companies so don't listen to the money and power grabbers convince you otherwise, they only fight for themselves. Ask Warner Lambert, Pharmacia and Wyeth how wonderful life is now, that's your future.

Truth hurts

Truth hurts

AZ in Boston hires their

AZ in Boston hires their "scientists" from temp agencies.

Yow Brennan was superior!!

Yow Brennan was superior!! Fact AZ was left in an appalling position by McKillop. Brennan was a shiny arsed Yank who had no idea what to do apart from cut cut and close sites, Charnwood anyone. And for this Brennan walked away with around 17 million.

What a load of codswallop

What a load of codswallop

I really find the praise of

I really find the praise of AZ in the press and by some here hard to take.
They have utterly failed to cope with the anticipated patent cliff - trying to replace true mega brands with niche cancer treatments and second rate CV drugs is doomed to fail.
Meanwhile AZ scientists puff out their chests and claim all sorts of BS about the pipeline.
The limited success in the last couple of years results from work done in Brennan's tenure - nothing to do with soriot. In fact, if brennan was still in charge we'd be in a far better financial position than we are now. Couldn't imagine brennan spouting such unaccountable shit about " getting the science" before unilaterally deciding to spend x hundred million on the moderna tie up.
Ask any AZ scientist who's better, pfizer or AZ , we'd all say Pfizer in a flash.
This is the only chance for AZ employees to be part of a world beating organisation.

I really find the praise of

I really find the praise of AZ in the press and by some here hard to take.
They have utterly failed to cope with the anticipated patent cliff - trying to replace true mega brands with niche cancer treatments and second rate CV drugs is doomed to fail.
Meanwhile AZ scientists puff out their chests and claim all sorts of BS about the pipeline.
The limited success in the last couple of years results from work done in Brennan's tenure - nothing to do with soriot. In fact, if brennan was still in charge we'd be in a far better financial position than we are now. Couldn't imagine brennan spouting such unaccountable shit about " getting the science" before unilaterally deciding to spend x hundred million on the moderna tie up.
Ask any AZ scientist who's better, pfizer or AZ , we'd all say Pfizer in a flash.
This is the only chance for AZ employees to be part of a world beating organisation.

I really find the praise of

I really find the praise of AZ in the press and by some here hard to take.
They have utterly failed to cope with the anticipated patent cliff - trying to replace true mega brands with niche cancer treatments and second rate CV drugs is doomed to fail.
Meanwhile AZ scientists puff out their chests and claim all sorts of BS about the pipeline.
The limited success in the last couple of years results from work done in Brennan's tenure - nothing to do with soriot. In fact, if brennan was still in charge we'd be in a far better financial position than we are now. Couldn't imagine brennan spouting such unaccountable shit about " getting the science" before unilaterally deciding to spend x hundred million on the moderna tie up.
Ask any AZ scientist who's better, pfizer or AZ , we'd all say Pfizer in a flash.
This is the only chance for AZ employees to be part of a world beating organisation.

nice try mate but no point in

nice try mate but no point in trying to penetrate such a thick layer of self-interest. After almost 20 years of pointless pontificating on Biofind about mergers and takeovers, I challenge anyone to spot any genuine concern about the consequences for patients. Why concern yourself about dementia or childhood leukaemia when your house price and pension may be affected. Does anyone remember the good old days when the title 'Scientist' was earned and not simply granted to the intellectually weak and the corporate compliants by HR?

"As an ex PFE UK

"As an ex PFE UK employee..."

surprised anyone would want to admit to that. But hey ho and New Leads we go. The Red Bull anyone?

We have now reached the 15th anniversary of whinging on this board, from a seemingly infinite and confluent monolayer of individuals who must be desperate for their own palliative care. At least then, they can finally be exposed to real drugs.

I hope you enjoy the infinite coldness and silence of your non- existence.

AZ have actually made it much

AZ have actually made it much easier for Pfizer to execute a takeover. Starting with Brennan in 2009, they divested significant R&D real estate: Charnwood, Lund, reductions at Södertälje and Wilmington, then under Soriot they closed Montreal and Brixham - oh and I nearly forgot the jewel in the crown, R&D Alderley Park. Now the new R&D HQ is being built at Cambridge, and further R&D headcount reductions are in the pipeline - this will certainly be good news for Pfizer - the tasks involved in merging two organisations are made significantly easier. Oh, I forgot something else. Whilst I would never suggest anything but total AZ loyalty from these individuals, one is reminded of the Trojan Horse when one looks at the top-level of ex-Pfizer VPs now working at AZ R&D. Brennan again started this by recruiting Mene Pangalos and Martin McKay (OK, he has now gone), then followed by Briggs Morrison and others whose names I forget. When top-level posts were announced, we use to say "another Pfizer name". So, when Pfizer start to examine the AZ R&D organisation (which of course they have already done), they will come across lots of old friends, which should make the conversations very interesting. I left AZ last year, and it saddens me to see how the organisation has become weakened in this way. Back in 1999 the A-Z merger of equals was hailed as a great success, but sadly the mis-management of McKillop and Brennan has left Soriot with a legacy even he cannot ring-fence and grow.

The day this deal is closed,

The day this deal is closed, the power hungry execs begin their plans to slash. The lucky ones will go early, those who stay are left to huge budget cuts, constant layoffs around them an no career development all while pretending to be grateful to be part of the miserable company. Only large scale disappointment awaits those if the deal happens. Hold out AZ, hold out.

The day this deal is closed,

The day this deal is closed, the power hungry execs begin their plans to slash. The lucky ones will go early, those who stay are left to huge budget cuts, constant layoffs around them an no career development all while pretending to be grateful to be part of the miserable company. Only large scale disappointment awaits those if the deal happens. Hold out AZ, hold out.

As an ex PFE UK employee, for

As an ex PFE UK employee, for once I agree with Ed Miliband on the BBC:

"No other country in the world would be waving this bid through, nodding it through, on the basis of pretty weak assurances from Pfizer, who have a pretty dubious record when it comes to their record in this country and other takeovers."

Reed is throwing Pfizer US

Reed is throwing Pfizer US under the bus with this move. No one is there to help them and the sites are sitting ducks for his close command. He brags how great the company is and what a bright future he's created ten behind closed doors he's discussing how to replace them. His job should be on the line here for this arrogant move on his part and the quicker he is replaced the better Pfizer will be and take the CFO with him.

Reed is throwing Pfizer US

Reed is throwing Pfizer US under the bus with this move. No one is there to help them and the sites are sitting ducks for his close command. He brags how great the company is and what a bright future he's created ten behind closed doors he's discussing how to replace them. His job should be on the line here for this arrogant move on his part and the quicker he is replaced the better Pfizer will be and take the CFO with him.

Too true AZ is a shit

Too true AZ is a shit company it has treated its workforce appallingly, take it from me I know on a personell capacity. But at least lets keep it a shitty Anglo Swedish problem with jobs and profits being kept within the UK.

Too true AZ is a shit

Too true AZ is a shit company it has treated its workforce appallingly, take it from me I know on a personell capacity. But at least lets keep it a shitty Anglo Swedish problem with jobs and profits being kept within the UK.

"Pfizer doesn't just fire

"Pfizer doesn't just fire groups that shut entire sites regardless of how it impacts the community. "

That's not just Pfizer - AZ have been doing that too for years - look at Charnwood, Lund, Wilmington and now Alderley Park. What's the difference? Half your management came from Pfizer anyway. It's just the way it goes in multinational companies. If you want security, stick to academia...

Absolutely Right! Pfizer,

Absolutely Right! Pfizer, after acquisition, will look at groups and ask themselves, "do we have that already?" If they do, say bye-bye. A small group of Senior leadership will be retained as well as a few industry leading scientists (if any are still at AZ). If you're a top performer... So what, compared to Pfizer's level of science, you probably are average at best. Also, AZ has no money to execute their immuno-onc portfolio (the reason they're trying to sell infection and neuroscience). Both fairly worthless entities.

Pfizer are nothing more than

Pfizer are nothing more than asset strippers, look at all the companies they closed after getting there hands on the pipelines. How many NCE could have come from these independant companies we will never know.

You are so out of your league

You are so out of your league on this one and dead wrong. Pfizer doesn't just fire groups that shut entire sites regardless of how it impacts the community. Productivity has nothing to do with the decision and you are kidding yourself if you believe that for one second. It's cost savings and money in the Executive pockets that decides those decisions. It's wrong, unproductive and the Pfizer way. It's not bashing when it's true, it history.

Time to stop the Pfizer

Time to stop the Pfizer bashing. No one would have lost their job if they had been part of a productive group. What did you expect them to do? Continue employing non productive staff with patents expiring? Pfizer management are simply trying to sort out the mess created by poor quality discovery staff who have been draining resources for almost 20 years. Why use your brain when you can buy a robot. The sad thing is that every company copied pfizers mistakes and that's why the whole industry is a mess. I have no love of Pfizer or management, but really, time to smarten up on your analysis.

No company has seen the scale

No company has seen the scale of job cuts that Pfizer brings. It's just terrible what they do and get away with.

Actually, all UK

Actually, all UK manufacturing will be in China. 5 years from now, so just keep dreaming.

All manufacturing and support

All manufacturing and support operations will move to UK and Ireland. Only per POC support in US.

For products attributable to

For products attributable to UK/European patents the UK rate of corporation tax will soon be 10% under the patent box. That undercuts Singapore (17%) and Ireland (12.5%) by a significant margin. I think it is unlikely that Pfizer would shut Macclesfield whilst there are NMEs in phase III that were discovered in UK/Swedish labs.

Let's keep UKIP out for now - there is no need for hysterics.

Pfizers low tax manufacturing

Pfizers low tax manufacturing policy will mean all API are made in low tax environments eg Ireland or Singapore.

Sandwich Manufacturing went to protect Ireland.

Research at Sandwich went to protect the USA.

The British are sitting ducks in the corporate world, you can not believe what this company says.

UKIP will shake up UK Politics & may start to protect the UK like the US & Irish governments do their countries.

Pfizers low tax manufacturing

Pfizers low tax manufacturing policy will mean all API are made in low tax environments eg Ireland or Singapore.

Sandwich Manufacturing went to protect Ireland.

Research at Sandwich went to protect the USA.

The British are sitting ducks in the corporate world, you can not believe what this company says.

UKIP will shake up UK Politics & may start to protect the UK like the US & Irish governments do their countries.

Bigger the price bigger the

Bigger the price bigger the cuts to recoup the loss.

Good move AZ send Pfizer

Good move AZ send Pfizer packing and get back to work. Look at their history of firing tbier own and call them to task on that. Tell them show us 5 years of job building, not slashing and talks can proceed. Hold strong AZ fight till the end and don't believe a word Pfizer tells you. Your board should be commended for not taking the money and running.

------------------------------------------------------------

AZ's record of job cuts and site closures in the UK is just as bad as Pfizer's

Under UK company law Pfizer

Under UK company law Pfizer has to make a formal bid in the next 3 weeks. If they do not they cannot make a new approach for 6 months, therefore the clock is clicking very fast. I have just read the letter which Read sent to Cameron giving guarantees on jobs etc. it's not worth the paper it's written on. An paragraph near the end of the letter makes clear that any guarantees are subject to significant changes in circumstances ie Pfizer does the deal then says that examination of the books now means the guarantees cannot be kept. I think it's 50 50 if the deal goes ahead

Your facts are as inaccurate

Your facts are as inaccurate as you. An agreed price is mNy weeks away at next and AZ Board can pull investors together to prevent the whole deal if the work hard enough at it. No one is supporting this deal attempt so Pfizer has very few cards left other than over paying and the Executives days will be short lived if that was to occur.

again, irrelevant. Cat and

again, irrelevant. Cat and mouse and all part of the normal dance that occurs at this level. AZs largest shareholder already agreed to sell if price is right. Pfizer will ensure that the price is right by end of next week. No point in getting your panties in a twist about this; you have no influence over it in any way whatsoever. Accept it.

Post new comment

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags:
      1. Lines and paragraphs break automatically.

    More information about formatting options

    To prevent automated spam submissions leave this field empty.