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.