Advertisement
U.S. markets open in 4 hours 2 minutes
  • S&P Futures

    5,210.00
    -4.75 (-0.09%)
     
  • Dow Futures

    39,198.00
    -25.00 (-0.06%)
     
  • Nasdaq Futures

    18,212.75
    -18.75 (-0.10%)
     
  • Russell 2000 Futures

    2,043.90
    -5.90 (-0.29%)
     
  • Crude Oil

    82.43
    -0.29 (-0.35%)
     
  • Gold

    2,156.10
    -8.20 (-0.38%)
     
  • Silver

    25.10
    -0.16 (-0.63%)
     
  • EUR/USD

    1.0847
    -0.0029 (-0.27%)
     
  • 10-Yr Bond

    4.3400
    0.0000 (0.00%)
     
  • Vix

    14.51
    +0.18 (+1.26%)
     
  • GBP/USD

    1.2681
    -0.0047 (-0.37%)
     
  • USD/JPY

    150.5640
    +1.4660 (+0.98%)
     
  • Bitcoin USD

    63,663.66
    -4,523.28 (-6.63%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,717.43
    -5.12 (-0.07%)
     
  • Nikkei 225

    40,003.60
    +263.20 (+0.66%)
     

GSK boss silent on report drugmaker rebuffed Pfizer

GlaxoSmithKline Chief Executive Andrew Witty speaks at the Global Investment Conference in London July 26, 2012. REUTERS/Neil Hall

LONDON (Reuters) - GlaxoSmithKline's chief executive declined to comment on Tuesday on a report that Pfizer had approached the British drugmaker about a possible takeover in recent weeks but was rebuffed.

Pfizer has since decided to focus on a transaction with Dublin-based Allergan as a way to clinch a large “inversion” deal that will lower the U.S. company’s tax rate through a foreign acquisition.

GSK CEO Andrew Witty told reporters he would not comment on rumours about mergers and acquisitions.

The Financial Times said Pfizer had looked seriously at GSK as a potential target but the U.S. group’s overtures received a cool reception from GSK and the talks were now dead, having never reached the point at which a price was discussed.

Suggestions that Pfizer might look to acquire GSK have been rife for more than a year, following Pfizer's unsuccessful attempt to buy smaller British rival AstraZeneca, which collapsed in May 2014.

Buying GSK, which has a market value of 68 billion pounds ($105 billion), would have been another way for Pfizer to shift its tax domicile from the United States, although many analysts believe a deal with Allergan is a simpler proposition for Pfizer CEO Ian Read.

Pfizer's AstraZeneca bid ran into fierce resistance from the Anglo-Swedish company's management, as well as intense political flak in Britain. An attempt to buy GSK, Britain's biggest drugmaker, could have been even more difficult politically.

(Reporting by Ben Hirschler; editing by Jason Neely)

Advertisement