Pfizer may come back to bid for AstraZeneca as the company is looking to develop its cancer franchise, Reuters reported. According to industry analysts, Pfizer hopes that AstraZeneca’s acquisition could generate significant cost savings in addition to adding promising immunotherapies.
Citigroup analyst Andrew Baum said that Pfizer could come back to the bid considering AstraZeneca’s cancer drug pipeline, its expertise in autoimmune diseases and the scope for taking out costs.
Citing senior investment bankers and industry sources, Sunday Times reported that Pfizer has considered the £60bn takeover bid for AstraZeneca. Currently there were no discussions after AstraZeneca resisted the approach, the report added.
British financial blog Betaville has reported that Goldman Sachs and Morgan Stanley have been hired as defence advisors by AstraZeneca for the acquisition by Pfizer.
Betaville has also reported that Pfizer may be working with JP Morgan to work on any potential bid.
According to Thomson Reuters data, Pfizer has a market value of $193bn, while AstraZeneca has a market value of approximately $80bn.
In 2009, Pfizer has acquired Wyeth, a US-based a pharmaceutical company, for $68bn.