US drug giant Pfizer poised to take over UK’s AstraZeneca

Pfizer is reportedly in negotiations to acquire UK-based drug company AstraZeneca, the Sunday Times reported.

The take-over could value the British firm at £60b and would tip the scales as the biggest foreign take-over of a UK business.

According to investment bankers and industry sources the global drug manufacturers have been in informal talks about a possible union in recent weeks.

Astra is the UK’s tenth-largest company with 50,000 employees globally.

The report also stated AstraZeneca has been resisting the takeover deal.

The New York-based firm is poised to deploy a £42b cash pile accumulated in overseas subsidiaries if the deal is successful.