Chuka Umunna MP, Labour’s Shadow Business Secretary, responding to the rejection by the AstraZeneca board of a further bid by Pfizer today, said:
“Labour and others have been clear from the outset that if this potential takeover is found not to be in the best interests of British science, jobs and industry it should not proceed - so AstraZeneca’s move today to reject Pfizer’s final bid is welcome.”
“While Labour was standing up for British jobs and British science, David Cameron and his ministers were cheerleading for a takeover bid where one of the primary motivations was financial engineering - cited by the AstraZeneca board as one of the execution risks justifying rejection of the bid.
"Ultimately it is for the shareholders to determine, but it is welcome the AstraZeneca board has remained resolute and sought to act in the best long-term interests of the company and its vital work in developing new life-saving drugs. Pfizer has said today that it will not seek to launch a hostile bid and must not renege on this promise.
"Where David Cameron and his government have failed to act, the next Labour government will act to introduce a strengthened public interest test to better protect Britain’s science base.”