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Speculation builds over Pfizer return

Pfizer chief execuitve Ian Read has come to the defence of tax inversion deals, prompting speculation it will reapproach AstraZeneca.
October 31, 2014

AstraZeneca's (AZN) share price was on the rise this week, and the drugs giant has Pfizer's (US: PFE) chief executive Ian Read to thank. Following the collapse of AbbVie's (US: ABBV) takeover of specialty pharma group Shire (SHP), Mr Read came to the defence of tax-inversion deals, saying such transactions still offer "meaningful value".

IC TIP: Hold at 4413p

On the back of Mr Read's comments, shares in AstraZeneca rose more than 1 per cent, as investors wait to see if the US company will try to snap up the Anglo-Swedish drug maker once again. Pfizer's chief did not address a reapproach of AstraZeneca, but he said changes to the US tax system didn't mean tax inversion benefits won't make up part of a merger or takeover.

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