AstraZeneca climbs as Bernstein backs takeover talk
Sterling weakness underpins wider market as UK stocks advance
AstraZeneca led the FTSE 100 higher on Friday after Bernstein Research said investors were wrong to write off the chances of another takeover approach.
Bristol-Myers Squibb is seen as the most likely target for Pfizer, which has telegraphed its appetite for a large transaction.
Yet AstraZeneca offers a broader late-stage drug pipeline than BMS, as well as a greater emerging markets footprint and an immumo-oncology portfolio that has already been de-risked in the wake of June’s trial failure, Bernstein argued.
Concerns about Pfizer’s intentions this time around could be assuaged by making Pascal Soriot, AstraZeneca’s chief executive, the CEO of the combined company, Bernstein said. It had a £57.80 target on AstraZeneca, which closed 3 per cent higher at £49.12.