評論
打印
Pfizer and AstraZeneca
輝瑞-阿斯利康
A matter of trust
信任問題
British politicians are understating their nation's appeal to drugs firms
英國政客低估了英國對制藥企業的吸引
IAN READ, the chief executive of Pfizer, an American-based drugs giant, says his company wants to go where it is welcome. Odd, then, that Pfizer persists in trying to make Britain its second home. Its attempt to acquire AstraZeneca, Britain's second-largest pharmaceuticals firm, and establish a tax residence in the country is running into fire from many directions.
輝瑞公司堪稱制藥界的巨頭，其總部設置在美國，日前，首席執行官伊恩·雷德宣稱，哪里公司受歡迎，哪里就是發展方向。按這個說法，輝瑞執意將英國發展為第二個總部，這一舉動稍顯離奇。輝瑞收購英國第二大制藥企業阿斯利康，同時確立英國納稅居留權的企圖在各個方面都麻煩不斷。
A few weeks ago Mr Read impressed David Cameron, the prime minister, with promises to keep jobs and production in Britain if a deal went through. But MPs who quizzed him on May 13th and 14th criticised these assurances as vague and insufficient. Pressed for more details, Mr Read said he could not supply them, as he had not yet seen AstraZeneca's books. He conceded that “there will be some jobs cut somewhere”, though he could not yet say where they would be.
幾個星期前，雷德稱如果收購進行的順利，就保留英國的部分工作崗位和生產，這個承諾給首相卡梅倫留下了不錯的印象。但在5月13日、14日對其進行質詢的國會議員批評這些保證太過含糊其辭，且并不充分。由于還未收到阿斯利康的名單，缺少很多細節，雷德稱自己不會透露過多信息給議員。雷德承認，“可能會進行全球裁員”，但并未透露裁員具體地區。
MPs see worrying parallels with Pfizer's past acquisitions. After it bought Wyeth, an American drugmaker, in 2009 the new company's research and development budget was slashed from about 11 billion to 7 billion a year. If Pfizer and AstraZeneca were to merge, the combined R&D budget would be about 12 billion. Mr Read promises to place at least 20% of the new company's R&D staff in Britain. Even so, this could mean fewer jobs: he did not specify the total research workforce.
國會議員從輝瑞之前的收購中，看到了類似的擔憂。在2009年，輝瑞收購美國制藥公司惠氏之后，合并的新公司的研究、發展預算由每年110億美元（約合70億英鎊），削減到70億美元。如果輝瑞和阿斯利康合并了，各項研、發預算加起來將高達120億美元。雷德承諾，至少劃撥新公司20%的研發人員留在英國。即使這樣，這也意味著工作崗位的減少：他并未對全體研究人員進行具體說明。
As The Economist went to press the firm was expected to raise and formalise its bid for AstraZeneca, currently at 63 billion. The government expects a sweeter offer, too. Mr Read's promises are just a “starting point” for negotiations, says Vince Cable, the business secretary, who wants more binding commitments. Others insist they should last longer than five years, as currently stipulated: drug development often takes decades. Mr Cameron now says he too is unsatisfied. He and Ed Miliband, the Labour Party leader, are competing to sound tougher on Pfizer.
截止本刊發稿，輝瑞制藥預期將提高其對阿斯利康的投標，并予以正式化，目前為止為投標價為630億英鎊。英國政府也期待一個更為豐厚的條件。商務大臣文斯·凱博想得到更多有約束力的承諾，他表示，雷德的承諾不過是談判的“起點”。還有人認為，這兩家的拉鋸戰可能持續五年以上，因為根據規定：醫藥發展常常耗時數十年之久。首相卡梅倫現在同樣表示，他也不滿意。在輝瑞收購的問題上，他和工黨黨首埃德·米利班德就誰態度更強硬一較高下。
Yet British politicians are understating the lure of their own country to drugs firms. R&D tax credits and a new “patent box”, which taxes profits from inventions registered in Britain at just 10%, are powerful draws, as are Britain's best universities. Indeed, even as politicians worry about losing jobs to America, lawmakers in America fear the opposite. The governors of Delaware and Maryland, where AstraZeneca operates, are seeking assurances from Pfizer similar to those given to Mr Cameron. Mr Read has so far demurred.
然而英國政客都低估了英國對制藥企業的吸引力。英國的發明注冊僅僅耗費了約10%的利潤，包括研發稅務減免，以及一項新專利研發經費，如此這般，對英國的頂尖大學而言，是個強有力的拉動。確實，正如政客擔心工作崗位流入美國，美國的政客也擔心同樣的事情。阿斯利康在美國特拉華州和馬里蘭州有分部，這兩個州的州長也在尋求輝瑞給英國同樣的保證。目前為止，雷德表示拒絕。
A further reason for optimism is that AstraZeneca has already done much of the dirty work that might be expected of Pfizer should a deal be done. Over the last seven years the firm has cut 5,100 jobs in Britain and closed a research lab in Cheshire. Last year, due largely to lost revenue from an expiring patent, it did not pay British corporation tax. Most of its workforce and drug development are abroad: see article
輝瑞持樂觀態度的深層次原因是，本該由輝瑞為收購該做的不少苦活累活，阿斯利康已經替它做了。過去七年間，阿斯利康在英國已經裁員5100名，還關閉了一個在柴郡的實驗室。去年，由于一項專利即將期滿，阿斯利康損失大筆收入，也就沒有繳納英國公司所得稅。大部分員工和藥物研發都流入海外：點擊此處查看原文
AstraZeneca's boss, Pascal Soriot, has so far rebuffed Pfizer. He has tried to convince investors and British politicians that, after years of lagging behind competitors, AstraZeneca is now better off on its own. He touts a pipeline of potentially lucrative cancer drugs and warns darkly that a merger would lead to delays and perhaps deaths. British lawmakers seem inclined to protect their “crown jewel”, as one MP put it. But they will find it hard to stop a deal. The final decision will rest with the company's shareholders, many of whom are eager to see Pfizer's next offer.
阿斯利康CEO帕斯卡爾·索里奧特仍然拒絕輝瑞的收購。他試圖讓投資者和英國政客相信，雖然落后其競爭對手很多年，但阿斯利康自己情況已經有所好轉。他吹噓自己有渠道搞到治療癌癥的藥物，可能獲利巨大，但是警告說并購會帶來延緩甚至死亡。一名議員此前稱，英國政客目前似乎并不想再捍衛其“最高權杖”。但是他們會發現，終止并購非常困難。最終的決定取決于阿斯利康的各個股東，他們中有不少人熱切的盼望著輝瑞的下一次開價。譯者 周雨晴 校對 衛婷婷
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