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Pfizer takeover bid: MPs write to Willetts to sound warnings

A committee of MPs has written to David Willetts over the potential risks to UK science of the proposed takeover of AstraZeneca by US giant Pfizer.

Published on
May 15, 2014
Last updated
May 27, 2015

The House of Commons Science and Technology Committee says in the letter that the short-term assurances Pfizer has given the government about research and development capacity can be of 鈥渓ittle value鈥 as the pharmaceutical industry measures progress in 鈥渄ecades rather than years鈥.

The letter, signed by the committee鈥檚 chair, Labour MP Andrew Miller, says that the pharmaceutical industry is 鈥渧ital鈥 to UK science and accounts for around 25 per cent of all commercial research and development. It also employs 2,000 鈥渉ighly skilled鈥 British scientists.

鈥淎straZeneca forms an extremely important part of this landscape. As such, the national stake in the proposed transaction with Pfizer is unusually high: any threat to AstraZeneca鈥檚 research capacity must, to an extent, be considered a threat to UK science,鈥 the letter says.

The MPs warn Mr Willetts, the universities and science minister, that the government 鈥渃annot ignore the risks鈥.

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鈥淪cience is a long-term enterprise and it requires a genuinely long-term commitment. We are not yet convinced that this is what Pfizer is offering,鈥 the letter says.

Pfizer has pledged to base 20 per cent of its research and development staff in the UK for five years in the event of a takeover.

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But the chief executive of the company, Ian Read, admitted when grilled by the Commons Business, Innovation and Skills committee on 13 May that the research and development spend of any combined company would be reduced.

The MPs from the Science and Technology Committee say that Pfizer should 鈥渟trengthen鈥 and 鈥渓engthen鈥 the promises it has made to the government. They add that the government must be willing and able to hold Pfizer to account if needed.

鈥淲e support the Government鈥檚 efforts to attract foreign investment, but this must not be at the expense of UK science,鈥 the letter concludes.

holly.else@tsleducation.com

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