LONDON May 13 Pfizer Chief Executive
Ian Read said on Tuesday he expected the combined research
expenditure of the merged drugmaker would be lower than that of
the two separate companies following a takeover of drugmaker
Read told a panel of British lawmakers that one of the
drivers of his proposed deal was to increase efficiency in order
to keep both firms competitive in an increasingly tough
The U.S. drugmaker has stirred up a political storm with its
$106 billion plan to acquire AstraZeneca, which has been
rebuffed by the smaller British company.
The deal would be the largest foreign takeover of a British
firm and is opposed by many scientists, trade unions and
politicians who fear for British science jobs given Pfizer's
track record of cost cutting after past acquisitions.
(Reporting by Ben Hirschler; editing by Kate Holton)