Pfizer said on Monday it had abandoned its current attempt to buy AstraZeneca for nearly $118 billion — a deal watched warily by Maryland officials — as a deadline approached without a last-minute change of heart by the British drugmaker.
Research labs closed by pharmaceutical giant Pfizer dot the country. Maryland officials don't want the state to join that list, so Pfizer's proposal to buy AstraZeneca — which employs 3,100 in the state — has prompted local angst.
Gov. Martin O'Malley and Delaware's governor sent a joint letter to Pfizer Thursday expressing concerns about its plans to acquire pharmaceutical firm AstraZeneca, which employs thousands in both states.
Human Genome, which uses the human DNA sequence to develop targeted drugs, was able to raise its price to $14.25 for sale to London-based GlaxoSmithKline Plc, valuing the company at $3.6 billion. In April, GlaxoSmithKline offered to buy Human Genome for $13 a share, or $2.6 billion.
A proposal to speed the approval of new prescription drugs has patient advocates and biotechnology firms, including many that are based in Maryland, hoping that Congress can deliver a rare dose of bipartisanship this year.
Human Genome ultimately rebuffed a $2.6 billion offer by biopharmaceutical giant GlaxoSmithKline Plc, saying it was too low – though it has put itself on the market. Catalyst agreed to be acquired by a larger Illinois competitor for $4.4 billion.
A Maryland plan to sell tax credits to insurance companies succeeded in raising $84 million in a novel online auction, and the revenue will be pumped into promising technology companies across the state over the next 18 months, officials said.