Shares of Pfizer (PFE) halted trading on the New York Stock Exchange at around 12:04 p.m. ET pending news. Shares resumed trading at around 12:18 once the news was out.
According to Bloomberg, the drug behemoth expects to submit a new drug application for palbociclib with the FDA early in Q3 of this year — so that was the announcement.
Palbociclib is the compound name for a breast cancer drug in Pfizer’s pipeline that has been in phase 3 trials.
The deal has attracted immense amounts of criticism in the U.S. because of tax inversion matters and in the U.K. because of the potential loss of jobs at U.K.-based AstraZeneca.
“Astra Zeneca would dramatically boost Pfizer’s presence in primary care (incl. respiratory and diabetes), oncology (in particular immuno-oncology candidates), and Emerging Markets, among other areas. It would also offer significant cost rationalization opportunities — Pfizer mgmt has a track record of delivering above-forecast merger cost savings,” said Morgan Stanley’s David Risinger last month. “However, size works against R&D productivity because large entities often stifle innovation.”
Anyone waiting for new developments regarding the deal will just have to wait a bit longer.
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