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| Pfizer offers legal guarantees over AstraZeneca bid | Pfizer offers legal guarantees over AstraZeneca bid |
| (about 5 hours later) | |
| US drug giant Pfizer has said commitments to preserve UK science jobs - if it wins a $106bn (£63bn) takeover of AstraZeneca - are legally binding. | US drug giant Pfizer has said commitments to preserve UK science jobs - if it wins a $106bn (£63bn) takeover of AstraZeneca - are legally binding. |
| Pfizer has given a five-year promise to complete an AstraZeneca research centre in Cambridge, keep a factory in Macclesfield, Cheshire, and place a fifth of research staff in the UK. | Pfizer has given a five-year promise to complete an AstraZeneca research centre in Cambridge, keep a factory in Macclesfield, Cheshire, and place a fifth of research staff in the UK. |
| The pledge comes ahead of a Commons committee appearance by Pfizer bosses. | The pledge comes ahead of a Commons committee appearance by Pfizer bosses. |
| Pfizer said the promises were binding "as a matter of English law". | Pfizer said the promises were binding "as a matter of English law". |
| But it also said it could adjust the promises if circumstances changed "significantly". | But it also said it could adjust the promises if circumstances changed "significantly". |
| Science worries | Science worries |
| Pfizer's chief executive Ian Read faces questions from UK politicians on the Commons business select committee on Tuesday about the proposed takeover. | Pfizer's chief executive Ian Read faces questions from UK politicians on the Commons business select committee on Tuesday about the proposed takeover. |
| The committee will also quiz AstraZeneca's French boss Pascal Soriot and business minister Vince Cable on Tuesday. | The committee will also quiz AstraZeneca's French boss Pascal Soriot and business minister Vince Cable on Tuesday. |
| The executive pair, and science minister David Willetts, will then appear before the Commons science select committee a day later | The executive pair, and science minister David Willetts, will then appear before the Commons science select committee a day later |
| If Pfizer is successful, it would be the largest foreign takeover of a UK firm. | If Pfizer is successful, it would be the largest foreign takeover of a UK firm. |
| As well as by AstraZeneca itself, the takeover is opposed by many scientists, politicians and trade unions. | As well as by AstraZeneca itself, the takeover is opposed by many scientists, politicians and trade unions. |
| Four British scientific bodies - the Society of Biology, Biochemical Society, British Pharmacological Society and Royal Society of Chemistry - have warned that recent mergers and acquisitions have led to lab closures, threatening the research base. | Four British scientific bodies - the Society of Biology, Biochemical Society, British Pharmacological Society and Royal Society of Chemistry - have warned that recent mergers and acquisitions have led to lab closures, threatening the research base. |
| 'Powerhouse' | 'Powerhouse' |
| Meanwhile, the GMB and Unite unions have asked Business Secretary Vince Cable to "use the powers we believe he has to stop the acquisition of AstraZeneca". | |
| Pfizer has claimed the merger would create "a UK-based scientific powerhouse". The firm - which makes drugs including Viagra - has a global workforce of more than 70,000, with 2,500 in the UK. | Pfizer has claimed the merger would create "a UK-based scientific powerhouse". The firm - which makes drugs including Viagra - has a global workforce of more than 70,000, with 2,500 in the UK. |
| AstraZeneca has eight sites in the UK and about 6,700 employees, with a global workforce of 51,000. | AstraZeneca has eight sites in the UK and about 6,700 employees, with a global workforce of 51,000. |
| Its board has said the offer - the second Pfizer has made - was too low, and that it believed a major driver for the takeover was the move to establish a tax residence in the UK by changing its company structure. | Its board has said the offer - the second Pfizer has made - was too low, and that it believed a major driver for the takeover was the move to establish a tax residence in the UK by changing its company structure. |