Pfizer admits takeover of AstraZeneca would lead to cuts in UK jobs and R&D
Pfizer boss Ian Reed’s admission to MPs follows his repeated reassurances proposed deal would be a ‘win-win’ for UK
US drug firm Pfizer has admitted that its proposed £63bn takeover of UK rival AstraZeneca would lead to job cuts and a big reduction in the combined companies’ research and development spending.
Pfizer’s chief executive, Ian Read, who was subjected to a sustained questioning by MPs on Tuesday, admitted that despite his repeated assurances that the takeover would be "win-win" for the UK "there will be some job cuts".
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