Pfizer Keeps Up AstraZeneca Pursuit

Pfizer continued its full-court press last week to convince AstraZeneca shareholders that its takeover offer is in their best interest. In an investor presentation and an appearance before the U.K. Parliament, Pfizer CEO Ian C. Read tried to make the case that AstraZeneca, on its own, faces patent expirations and other business challenges. Pfizer hasn’t raised its $106 billion offer but indicated that “constructive engagement may lead to a transaction that AstraZeneca can recommend.” AstraZeneca responded that Pfizer came with no new proposals and is “making an opportunistic attempt to acquire a transformed AstraZeneca.”