LONDON (Alliance News) - US pharmaceutical giant Pfizer Inc approached UK peer GlaxoSmithKline PLC about a possible merger but was rebuffed prior to Pfizer then confirming its talks with botox maker Allergan PLC, the Financial Times reported.
Three people familiar with the matter told the FT that Pfizer looked seriously at a deal with Glaxo but received a cool reception from the British drugmaker's board. The talks have now ended.
Since then, Pfizer has turned its attention to Ireland-based Allergan, as the group seeks to carry out an "inversion" deal to lower its tax rate. Pfizer and Allergan said last week they were holding "friendly talks" on a merger which would create a company with a market capitalisation north of USD300.0 billion.
https://next.ft.com/content/3a26241c-81b0-11e5-8095-ed1a37d1e096
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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