Got a good line of products, but the share price seem to go down , could it be due to the weak us dollar.

now up (34+18)52p. I think something is cooking here! Ratio of sells to buys is 2:1. We will know at the close if there are some big buy orders are pending to be executed.

You may well be right hjs but I've taken the profit just to be on the safe side.

FDA clears AstraZeneca's Crestor

AstraZeneca said that the US Food and Drug Administration has formally denied Public Citizen's Health Research Group's (HRG) petition to remove its Crestor cholesterol drug from the market.

The FDA's rejection of HRG's petition was based on an analysis of clinical trial safety data and post-marketing data, the company said.

The response letter from the FDA stated that all of the available evidence indicates that CRESTOR does not pose a risk of muscle toxicity greater than the other approved statins, and that with respect to renal toxicity, there is no convincing evidence that Crestor poses a serious risk of renal injury, AstraZeneca added.

Broker note from Matrix:
"AstraZeneca - we were looking for EPS Q$ US$1.52 AZN delivered US$1.42. Sales showed a decline in Q4 (because of generic competition to Toprol XL). Guidance for EPS full year is US$5.75 to 6.15 (we expected a range of US$6.,0 to 6.20...) there are likely to be downgrades given consensus is on US$6.00 like us but there are uncertainties surrounding further generic competition which is due to arrive this year. Company has guided to a mid single digit revenue decline and has stated that operating margins (pre R&D) are under pressure.
On the positive side - the company is now in a net cash position from net debt of US$7.1bn at the end of 2008

We still have the Stock at 2806 TP with a SELL recommendation. My feeling is a lot of people will be hiding in this stock for yield and with the recent competitor upgrades we could see some adjustment down of estimates from the street down to closer to our levels."

Trading statement due Thursday -
AstraZeneca will update the market on its third-quarter trading. Consensus figures suggest that analysts are expecting revenues of $8.2bn (5.1bn) compared to $7.9bn last time and pre-tax profits of $4bn compared to $2.26bn last time.

The City will be looking for signs of how sales of Astra's key brands such as cholesterol fighting Crestor are holding up.

Analysts will also be interested to hear about progress of the drug maker's new blood-thinning medicine, Brilinta.

JP Morgan Cazenove analysts were not predicting a particularly eventful set of results. They said that discussions are "likely to centre around how much of the AstraTech proceeds would be left for share buybacks in 2012 and Astra's future expectations for Crestor ahead of generic Lipitor in November 2011".

1st Quarter Results.

Pharmaceuticals group AstraZeneca will release its second-quarter statement on Thursday. Consensus estimates are for $6,800m of sales and earnings per share (EPS) of $1.40 in the three-month period. "Further cost cutting should support the near-term dividend, however we see a risk of EPS downgrades as AZN diverts money from share buybacks to pay for assets to refill the sales line," said analysts at Credit Suisse

PFIZER SENDS LETTER TO RT HON DAVID CAMERON MP

FIZER SENDS LETTER TO RT HON DAVID CAMERON MP
REGARDING COMMITMENTS IF PROPOSED COMBINATION WITH ASTRAZENECA IS COMPLETED


• Establishing the combined company's corporate and tax residence in England
• Substantial R&D innovation hub in Cambridge to be completed
• Key scientific leadership in the UK
• 20% of the combined company's total R&D workforce in the UK going forward
• Substantial commercial manufacturing facilities retained at Macclesfield
• European Business Headquarters and European Regulatory Headquarters to be located in the UK
• At least two AstraZeneca Board Members to join combined company's Board
• Board Meetings to be held in the UK as appropriate and meaningful participation in the UK commercial, economic and social community


Statement re Possible Offer

PFIZER CONFIRMS DELIVERY OF INCREASED PROPOSAL TO ASTRAZENECA

· Proposal represents a substantial premium of 32% for AstraZeneca shareholders[1]
· Proposal represents a 39% premium to the closing price of £35.86 on 3 January 2014, being the trading day immediately prior to the date of Pfizer's January proposal
· AstraZeneca shareholders would receive, for each AstraZeneca share, 1.845 shares in the combined company and 1,598 pence in cash, representing an indicative value of £50.00 ($84.47) per share[2]

Lots of broker notes around today.
Here's Deutsche Bank:
Pfizer has proposed an offer for AstraZeneca worth £50 per share which includes slightly higher equity and cash elements than the deal initially floated in private talks in January 2014 (the offer now stands at 1.845 Pfizer shares plus £15.98 in cash per AstraZeneca share vs 1.758 Pfizer shares plus £13.98 cash previously). While we expect this to be sufficient for AstraZeneca to enter into a dialogue, we strongly doubt this will gain the requisite AstraZeneca Board recommendation given that the new offer is pitched at just 7% above the January offer (which was dismissed in AstraZeneca’s press release earlier this week as “very significantly” undervaluing the company) … but we think offer needs to be sweetened with higher cash to be successful.
We expect Pfizer ultimately to have to sweeten its offer based on (1) discussions we have had with investors (many citing a price within the £52-55 range and some above this) and (2) our analysis of the EPS accretion for Pfizer which shows relatively limited sensitivity to increasing the cash component of its offer (given the low returns on cash). For example, were Pfizer to retain the equity component of its offer (ie, 1.845 Pfizer shares per AstraZeneca share) but to lift the cash element by £5/share, taking the offer to £55/share (with 38% cash), we calculate that year three accretion would be lowered by just 2% (from between 9-17% to 7-15%, based on hypothetical cost savings in the range of $2-4bn and assuming AstraZeneca’s tax rate applies to the whole group). By our calculations £55/share is roughly the point at which the NPV of the cost savings (taking the mid-point of the hypothetical $2-4bn range mentioned here) and tax benefits would equal the premium paid to the unaffected share price of circa £38/share before the press reports surfaced."

ASTRAZENECA BOARD REJECTS PFIZER PROPOSAL

The Board of AstraZeneca PLC ("AstraZeneca") has met and considered the letter from Pfizer Inc. ("Pfizer") (the "Proposal").

The financial and other terms described in the Proposal are inadequate, substantially undervalue AstraZeneca and are not a basis on which to engage with Pfizer. The large proportion of the consideration payable in Pfizer shares and the tax-driven inversion structure remain unchanged. Accordingly, the Board has rejected the Proposal.

Leif Johansson, Chairman of AstraZeneca, said: "AstraZeneca continues to invest significantly in research, development and manufacturing in the U.K., Sweden and the U.S. We are showing strong momentum as an independent company, in particular with our exciting, rapidly progressing pipeline, which the Board believes will deliver significant value for shareholders. Pfizer's proposal would dramatically dilute AstraZeneca shareholders' exposure to our unique pipeline and would create risks around its delivery. As such, the Board has no hesitation in rejecting the Proposal."

Shareholders are strongly advised to take no action. There can be no certainty that an offer will be made nor as to the terms on which any offer might be made.

A copy of this announcement will be available on AstraZeneca's website at www.astrazeneca.com.

13 May 2014
The Board of AstraZeneca PLC (“AstraZeneca”) notes the announcement made by Pfizer Inc. (“Pfizer”) earlier today. Pfizer’s announcement contains no new proposal nor substantive new information.

The Board of AstraZeneca believes Pfizer is making an opportunistic attempt to acquire a transformed AstraZeneca, without reflecting the value of its exciting pipeline. This value should accrue fully to AstraZeneca shareholders.

The Board reiterates its confidence in AstraZeneca’s ability to deliver on its prospects as an independent, science led business.

A copy of this announcement will be available on AstraZeneca’s website at www.astrazeneca.com.

Pfizer's proposals bring uncertainty and risks for AstraZeneca shareholders

The Board of AstraZeneca PLC ("AstraZeneca" or the "Company") notes the announcement by Pfizer Inc. ("Pfizer") of its final proposal (the "Final Proposal"), comprising £24.76 in cash (45%) and 1.747 Pfizer shares (55%) per AstraZeneca share, representing a value of £55.00 per AstraZeneca share (based on the closing price of Pfizer shares on 16 May 2014). This proposal undervalues the Company and its attractive prospects and has been rejected by the Board of AstraZeneca.

Leif Johansson, Chairman of AstraZeneca said:

"Pascal Soriot, Marc Dunoyer and I had a lengthy discussion with Pfizer over the weekend about the proposal Pfizer made on Friday evening at a value of £53.50 per share. During this discussion, Pfizer said that it could consider only minor improvements in the financial terms of the Friday Proposal. In response, we indicated, even assuming that other key aspects of any proposal had been satisfactory, that the price at which the Board of AstraZeneca would be prepared to provide a recommendation would have to be more than 10% above the level contained in Pfizer's Friday Proposal. The Final Proposal is a minor improvement which continues to fall short of the Board's view of value and has been rejected."

A single handed knock on the FTSE.

UBS comment today:
"Pfizer has increased its bid for AZN by ~15% over its May 2 proposal to £55.00 ($92.53) per share, consisting of 2,476 pence/$41.66 (up from ~33% to 45% in cash) and 1.747 shares in the combined company. Pfizer indicated that this is the fourth and final proposal, but CEO Ian Read states in the PR: Following a conversation with AstraZeneca earlier today, we do not believe that the AstraZeneca board is currently prepared to recommend a deal at a reasonable price. We remain ready to engage in a meaningful dialogue but time for constructive engagement is running out.”
Our take: Pfizer wants AZN but doesn’t appear willing to go high enough. Pfizer has indicated that it needs to add critical mass to its 3 business units, ie, to get bigger before moving to get smaller. Pfizer is clearly attracted to the much-hyped IO pipeline for which we still haven't seen much data, so Pfizer would be taking some risk on the data and competitive positioning. It appears that once again AstraZeneca has said NO, but based on the new bid, for what it’s worth, it appears that the deal would be accretive in the mid-single digits in 2016 and 2017.
Thoughts on the stock: PFE probably bounces some on the rejection given that management telegraphed not just the deal but practically the price, we wouldn't expect investors to be very surprised by this new bid. We still believe most of the large pharma deals of the past decade destroyed value and this potential deal probably would as well. However, we get the strategy and rationale for the deal, and investors have already hit the stock quite a bit out of concern Pfizer would keep raising the price to get AstraZeneca to say yes, so along with the arbs unwinding some positions, we would expect the stock to bounce back some. However, many investors believe Pfizer needed this deal and thus will be disappointed if this is the way it all ends. We still believe Pfizer can find more productive use for $116B."

it's also a very good example on why one should be very careful about chasing shares on t/o approaches, let alone rumours of same

If the bid is worth £55 per share or could yet be increased to ? £53.50 + 10% = £59 ?, it seems a reasonable gamble to me to buy them at current price of £4220 for a 38% gain.

Any t/o may not complete, but this seems a very narrow price difference that would
persuade the Zenica Board to recommend the offer. If it did not go through then an
equal drop the other way would bring the price to £ 26. ( ie £ 42 - £ 16 )

I not sure about my logic but it does not look unreasonable to me, to buy at current price of about £4220

What does anyone else think ?

wrong logic entirely
the deal is totally dead in the water - and rightly so, as it looked like little more than a tax dodge by pfizer

the price to buy, if at all, is somewhere lower than the level before any bid was tabled

i'm not in any pharma stocks, but i reckon my choice would be SHP

It does not matter whether it is a tax dodge or not, we must look at it on the face of current legislation the UK have agreed. We live in a supposedly democracy, and no matter how politicians ply their trade and consequently put one another down to gain their own prestige and votes, and try to show they are concerned about UK research and jobs, it should still be democratic. We do not live in a dictatorship, nor are we a communist country, free trade should negotiable for all, no matter how big or small.

Pfizer are offering good money, and they are not going to say " we may increase", but will say "this is our final offer". This is how I would buy any business. I would "take it to the wire", and I would expect this of Americans. So perhaps we do not need to ask Pfizers motives, or listen to Politicians propaganda, but look at value for money ?

If the price is right - take the cash and run. I understand the Directors have said , that if the price was increased by 10% from £53.50, then they would recommend the offer.
AZ shares have been trading at about £28 for some time previously, and now we have a forecast of, if research is successful, then better times ahead and ? a doubling of the share price to over £55 ??? - I doubt it, and would not be prepared to wait about 4 /5 years to see if it is proven to be correct or not.
I think shareholders should take the good cash offered, and reinvest it elsewhere - it could be a gain for the UK economy, not a loss as protective politicians believe. Buy a Chinese bank or something instead of having AZ ?

It will be interesting to see what happens over the next few weeks. Remember also we have a Takeover code, and they could come back again after a suitable time lapse.

Let me know what your thought are - in this ( is it free country ) democracy.

PFIZER FINAL PROPOSAL TO ASTRAZENECA

STATEMENT FROM PFIZER INC.

FINAL PROPOSAL TO ASTRAZENECA




This is an announcement of a possible offer falling under Rule 2.4 of the City Code on Takeovers and Mergers (the "Code"). It does not represent a firm intention to make an offer under Rule 2.7 of the Code. Accordingly, there can be no certainty that any offer will ultimately be made.


In response to enquiries from market participants, Pfizer would like to confirm the following in respect of its announcement of 18 May 2014 which set out its final proposal to AstraZeneca (the "Final Proposal Announcement").

In the Final Proposal Announcement, Pfizer announced a possible offer comprising, for each AstraZeneca share, 1.747 shares in the combined entity and 2,476 pence in cash, representing an indicative value of £55.00. Pfizer stated that this proposal is final and cannot be increased except in limited circumstances specified in the Final Proposal Announcement. In addition, Pfizer stated that it will not make a hostile offer and will only announce a firm offer with the recommendation of the AstraZeneca board.

The effect of Pfizer's Final Proposal Announcement under the Takeover Code is that Pfizer will not be permitted to announce a firm offer unless such offer is on terms no higher than those set out in the Final Proposal Announcement (save as set out below) and such offer is recommended by AstraZeneca's board. Pfizer must, by 5.00 p.m. on 26 May 2014 or such later date as the Panel may agree at AstraZeneca's request, announce such a recommended firm offer or make a statement that it does not intend to make an offer for AstraZeneca. If Pfizer states that it does not intend to make an offer, Pfizer will be subject to the restrictions in Rule 2.8 and Note 2 on Rule 2.5 of the Code.


Pursuant to the Code, Pfizer will only be entitled to increase the final proposal in the following limited circumstances:

· If Pfizer's share price and/or the dollar/pound exchange rate changes such that the indicative value of Pfizer's final proposal would be less than £55.00 at the time of any firm offer announcement, then Pfizer has reserved the right to add further cash or Pfizer shares to its proposal in order to restore the indicative value of its offer to £55.00 (but no higher).

· Also, Pfizer has reserved the right to increase its proposal if, prior to the announcement of a firm offer by Pfizer, a third party announces a firm intention to make an offer for AstraZeneca pursuant to Rule 2.7 of the Code which, at the date Pfizer announces a firm offer for AstraZeneca, is valued at a price which is higher than the then indicative value of Pfizer's final proposal.

· If AstraZeneca ultimately decides to recommend Pfizer's final proposal and Pfizer announces a recommended offer on the terms set out in the Final Proposal Announcement, then Pfizer has reserved the right subsequently to increase its offer at any time. However, it is important to note that such right may be exercised only after Pfizer has obtained a recommendation from the AstraZeneca board of the terms set out in the Final Proposal Announcement and announced a recommended firm offer on this basis.

Pfizer has also made statements in the Final Proposal Announcement which reserve Pfizer's right to introduce other forms of consideration, vary the mix of consideration and reduce its proposal in certain circumstances.

A copy of this announcement will be available on Pfizer's website at www.pfizerupdate.com.

(Reuters) - Pfizer abandoned its attempt to buy AstraZeneca for nearly 70 billion pounds ($118 billion) on Monday as a deadline approached without a last-minute change of heart by the British drugmaker.

The decision ends a month-long public fight between two of the world's biggest pharmaceutical companies that sparked political concerns on both sides of Atlantic over jobs and corporate tax manoeuvres.

British rules now require an enforced cooling-off period. AstraZeneca could reach out to Pfizer after three months and Pfizer could take another run at its smaller British rival in six months time, whether it is invited back or not.