(The following statement was released by the rating agency)The acquisition of AstraZeneca Plc (AZ) would achieve Pfizer, Inc.'s strategic aims as the deal promises significant benefits for the combined entity, according to Fitch Ratings. The transaction would amass scale for Pfizer, broaden the company's portfolio and pipeline and could provide some tax advantages.Pfizer, which is headquartered in New York, Monday confirmed it had approached London-based AZ in January 2014 regarding a possible merger, and again this month. AZ confirmed discussions with Pfizer but said there was no specific offer to acquire the company. Pfizer contends a completed transaction would combine highly complementary innovative and established pharmaceutical businesses, enhancing its ability to meet patients' needs.Pfizer's interest in AZ represents a possible return to mega-deals not seen since the last decade. Recent consolidation in the pharmaceutical industry has been more targeted in nature. An AZ purchase would broaden Pfizer's portfolio and pipeline, just as when the company acquired Wyeth in October of 2009. The AZ acquisition would cost Pfizer approximately $99 billion (compared to $68 billion for Wyeth), and underscores Pfizer's experience with larger acquisitions.
AstraZeneca PLC (AstraZeneca) is a global biopharmaceutical company. Shares of AZN remained unchanged at $77.01. In the past year, the shares have traded as low as $46.87 and as high as $79.90. On average, 2822850 shares of AZN exchange hands on a given day and today's volume is recorded at 1036084.
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