Jobs worry in Cheshire as Pfizer increases bid for AstraZenica

Thousands are employed at AstraZenica in Macclesfield. Credit: PA

US drugs giant Pfizer stepped up its pursuit of AstraZeneca today by tabling a new takeover proposal worth around £63 billion.

Astra has bases in Hurdsfield, where it employs around 3,000 people, and Nether Alderley, in Cheshire.

Pfizer said it hoped the new offer of £50 a share - an increase of 7% on its proposal in January - will provide the basis for the two companies to enter into discussions over a possible combination.

In a letter to Prime Minister David Cameron, Pfizer said it was committed to building Astra's planned research and development (R&D) hub in Cambridge and that 20% of the combined company's R&D workforce will be in the UK.

Astra has already spurned two advances from Pfizer on the grounds that the proposals "very significantly undervalued" its business.

The company said its board will meet to discuss the new takeover approach and that a further announcement will be made when appropriate.

Today's letter to Mr Cameron from Pfizer's Scottish-born chief executive will attempt to allay fears among unions and politicians regarding the impact a takeover will have on jobs and Britain's life sciences industry.

Former deputy prime minister Lord Heseltine said today that he believed the Government should have greater powers to intervene when UK companies are targeted for takeover by foreign firms.