pharmaceuticals

The biologic drug boom

The UK's pharmaceutical sector dragged the FTSE deep into the red this morning after US giant AbbVie said it is reconsidering the planned takeover of Shire, casting doubts over elevated share prices.

US pharmaceutical Pfizer may yet return to bid again for AstraZeneca despite a crackdown on so-called 'tax inversion' M&A deals, Standard Life Investments' Frances Hudson has suggested.

UK shares edged lower this morning as concerns over the economic recovery in the US, and yesterday's move by the country to curb tax avoidance via M&A deals, continue to weigh on investor sentiment.

Shares in UK-listed pharmaceutical giants Shire and AstraZeneca have fallen sharply this morning, after the US Treasury introduced a new law to curb tax avoidance by US companies which buy overseas rivals.

US pharmaceutical giant Pfizer has abandoned its plans to buy AstraZeneca following an unsuccessful pursuit of its UK rival.

Shares in pharma giant AstraZeneca plunged this morning after the group rejected a fresh offer from US firm Pfizer.

AstraZeneca has rejected a new takeover bid by Pfizer, arguing it still undervalues the business.

Pfizer has revealed it was rebuffed once again by AstraZeneca over the weekend about a potential takeover of the UK company, with the latter's shares soaring in early trading today in reaction.

AstraZeneca' profits dropped sharply in Q4 as strong emerging market sales failed to offset competition from cheap generics, and several of its leading drugs edged towards the patent cliff.