Pfizer will cut its research budget and global headcount if it succeeds in taking over AstraZeneca, the US drugs maker acknowledged yesterday, amid mounting expectations that it will raise the informal £63bn offer for its UK rival.
Ian Read, Pfizer chief executive and chairman, refused to rule out job cuts in the UK as he was pressed by British lawmakers about his plans for the country’s second-biggest pharmaceuticals company.
Mr Read had been summoned to London for two days of parliamentary hearings, as public debate over the implications of the proposed deal for the UK’s life sciences sector intensified.
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