Pfizer turned up the pressure on AstraZeneca today as the US drugs giant prepares to face a grilling from MPs over its £63bn (€77bn) takeover plan.

Pfizer defended the business case behind its plan to acquire AstraZeneca yesterday and questioned the UK company’s ability to stand alone for much longer as the US group’s CEO prepared for a grilling from British MPs.

The boss of US drug giant Pfizer has said the firm’s proposed takeover of British-based AstraZeneca is a “win-win for society”.

Britain’s AstraZeneca has urged its shareholders to take no action over the approach by US drugmaker Pfizer and said, yesterday, it remained confident in its independent strategy.

Pfizer may come back to bid for British drug company AstraZeneca after its reported £60bn (€73bn) takeover approach was rejected, since a deal could make sense for the US pharmaceuticals giant as it seeks to build up its cancer franchise.

Pfizer, the world’s biggest drugmaker, said it will split up its three major internal businesses and shuffle the management that leads them, part of the company’s preparation for a further breakup.

Pfizer has reported first-quarter profit fell 19% after revenue from cholesterol pill Lipitor declined because of generic competition.

Pfizer has reported earnings that beat analysts’ estimates as the company’s non-pharmaceutical units and cost-cutting overcame losses from generic competition to its best-seller Lipitor.

DRUGMAKER Pfizer has beaten Wall Street expectations with higher profit and revenue in the third quarter, the last before generic competition starts wiping out sales of Lipitor, the cholesterol blockbuster that has buoyed the company for years.

New York: Pfizer has said it may sell or spin off its animal health and nutrition units as part of an effort to focus on faster-growing areas.

ICON’S alliance with Pfizer Inc is “likely” to generate in excess of $100 million (€69.34m) in revenue a year, and potentially “significantly more,” chief executive Peter Gray said.

An Australian mechanic found guilty of killing a British backpacker on a lonely stretch of Outback highway has filed an appeal to have his conviction overturned, his lawyer said today.