LONDON (Alliance News) - US drugs giant Pfizer IncWednesday further detailed its case for combining its business with AstraZeneca PLC, after the UK drugsmaker Tuesday called for shareholders to be patient as it set out growth plans for the coming three years.
Pfizer said Wednesday that with AstraZeneca it could "seize new opportunities to expand our global research capabilities and partnerships to better serve patients in need."
The statement came after the British drugs company Tuesday set out its defence against the GBP63 billion takeover offer from its US rival, after Friday rejecting its latest informal GBP50-a-share offer.
The FTSE 100-listed company has urged its investors to be patient because it is set to grow quickly once it has invested in its pipeline and transformed the company over the next three years. AstraZeneca reaffirmed that its revenue in 2017 would be broadly in line with the USD25.71 billion it reported in 2013. However, it expects revenue to more than double over the following five years, reaching more than USD45 billion by 2023. It said core earnings will grow at an even faster rate over the same period as it restructures and cuts costs.
In an info-graphic released Wednesday, Pfizer said the combined companies would be able to deepen research efforts; bolster innovative science; strengthen the ability to fight critical diseases, in oncology, immunology and inflammation, cardiovascular and metabolics, and vaccines; and broaden the companies emerging markets footprint.
"A combined company would bring together powerful and world leading research expertise in key therapeutic areas... in which the world class academic research resources in the ‘golden triangle’ of Oxford, Cambridge and London would represent a vital component..." said Pfizer CEO and Chairman Ian Read.
AstraZeneca said Tuesday it will accelerate the development of key developmental drugs it has in phase II and phase III trials, as it set out why it should remain independent. The company is focused on the recovery of its pipeline. It said scientific discoveries have been accelerated to extend the late stage pipeline, it has made progress on its cancer drug pipeline, had several drugs in mid-stage development showing significant promise and has 19 new molecular entity candidates set to start trials in 2014/15.
Shares in AstraZeneca were trading 1.26% lower at 4.618.5 pence per share Wednesday morning.
To access info-graphic: