Chuka Umunna MP, Labour’s Shadow Business Secretary, commenting after the BIS Select Committee hearing on AstraZeneca and Pfizer, said:

“The Tory-led government’s claims about this deal being ‘a great Anglo-American tie up’ are looking more and more ridiculous by the day. It is clear that any assurances on jobs, investment and Britain’s science base are not worth the paper they are written on given the caveats attached to the commitments given.

“This hearing reinforced Labour’s grave concerns about this potential takeover and confirmed the worst fears of the British business and science community about its impact. Pfizer confirmed the transaction will lead to cuts in R&D spend of the proposed combined entity, that there will job losses and that they plan to split up AstraZeneca and potentially sell off parts of the business.

“The case for an independent assessment of the impact of this deal and a stronger public interest test, which Labour has called for, is now overwhelming.”

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