Chuka Umunna MP, Labour’s Shadow Business Secretary, responding to Pfizer’s announcement today that it is withdrawing its bid for AstraZeneca, said:

“It is welcome that Pfizer has kept to its promise not to mount a hostile takeover of AstraZeneca, Britain’s second largest pharmaceutical company, following the rejection of its advances by the AstraZeneca Board.

“We were clear from the start that we would judge the proposed deal on whether it was best for British science, jobs and industry. We were not confident this was the case which was why we said the Government should subject the deal to a public interest test to determine whether it would have a material adverse impact on the UK’s science and R&D base and, if so, we argued it should be blocked. Where David Cameron and his government failed to act, the next Labour government will act to introduce a strengthened public interest test to better protect Britain’s science base in these exceptional cases.

"While Labour was standing up for British jobs and British science throughout this takeover bid, David Cameron and his ministers were cheerleading for it when one of the primary motivations behind the deal was financial engineering - cited by the AstraZeneca board as one of the execution risks justifying rejection of the bid.

“Britain has benefited enormously from inward investment. We must remain resolutely open for business as an attractive destination for investment – not as a global tax-avoidance wheeze - but because of the positive benefits Britain offers innovative companies and the benefits those companies can bring to the British people.”