Pharma ‘blockbuster’ rumours swirl after Glaxo and Novartis deals

Speculation over possible Pfizer offer for AstraZeneca also comes after Valeant bid for Botox maker Allergan

GlaxoSmithKline’s chief executive Sir Andrew Witty may believe the days of blockbuster pharmaceutical deals are over, but the concept was still gripping the City on Tuesday amid rumours of a $ 100bn (£59bn) offer for Britain’s AstraZeneca by US rival Pfizer and confirmation of a $ 46.5bn bid by Canada’s Valeant Pharmaceuticals for Botox maker Allergan.

The Allergan proposal, which is backed by activist investor Bill Ackman, would create a new industry leader in the skincare and eyecare markets. In the UK, reports at the weekend of informal talks between AstraZeneca and Pfizer earlier this year have given rise to investor hopes that the US suitor will come back with a firm bid.

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