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AstraZeneca Makes Its Case for Denying $106B Pfizer Offer

By John George | Philadelphia Business Journal
|  Wednesday, May 7, 2014  |  Updated 12:50 PM EDT
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Would You Deny a $106B Takeover Offer?

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AstraZeneca issued a report to shareholders Tuesday touting the long-term potential of its portfolio of new drug candidates, which the company expects to help grow revenues by 75 percent over the next decade.

That was a big reason its board rejected a $106 billion takeover bid by Pfizer Inc. earlier this week.

In its report, AstraZeneca outlined what it saw as the company’s “excellent growth prospects, rapidly progressing pipeline and the future delivery of shareholder value as an independent company.” AstraZeneca included long-term financial targets under which its projects “strong and consistent” revenue growth from 2017 to 2023. In 2023, AstraZeneca expects sales to surpass $45 billion. The company had revenues of $25.7 billion last year.

AstraZeneca said its focus going forward is on five key areas: heart disease, oncology, diabetes, respiratory disease and emerging markets such as China and Japan. Read more about this story on PBJ.com.

For more breaking business news go to PBJ.com

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