经济学人下载:辉瑞-阿斯利康 信任问题

Pfizer and AstraZeneca
辉瑞-阿斯利康

A matter of trust
信任问题

British politicians are understating their nation's appeal to drugs firms
英国政客低估了英国对制药企业的吸引

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.
辉瑞公司堪称制药界的巨头，其总部设置在美国，日前，首席执行官伊恩·雷德宣称，哪里公司受欢迎，哪里就是发展方向。按这个说法，辉瑞执意将英国发展为第二个总部，这一举动稍显离奇。辉瑞收购英国第二大制药企业阿斯利康，同时确立英国纳税居留权的企图在各个方面都麻烦不断。

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.
几个星期前，雷德称如果收购进行的顺利，就保留英国的部分工作岗位和生产，这个承诺给首相卡梅伦留下了不错的印象。但在5月13日、14日对其进行质询的国会议员批评这些保证太过含糊其辞，且并不充分。由于还未收到阿斯利康的名单，缺少很多细节，雷德称自己不会透露过多信息给议员。雷德承认，“可能会进行全球裁员”，但并未透露裁员具体地区。

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.
国会议员从辉瑞之前的收购中，看到了类似的担忧。在2009年，辉瑞收购美国制药公司惠氏之后，合并的新公司的研究、发展预算由每年110亿美元（约合70亿英镑），削减到70亿美元。如果辉瑞和阿斯利康合并了，各项研、发预算加起来将高达120亿美元。雷德承诺，至少划拨新公司20%的研发人员留在英国。即使这样，这也意味着工作岗位的减少：他并未对全体研究人员进行具体说明。

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.
截止本刊发稿，辉瑞制药预期将提高其对阿斯利康的投标，并予以正式化，目前为止为投标价为630亿英镑。英国政府也期待一个更为丰厚的条件。商务大臣文斯·凯博想得到更多有约束力的承诺，他表示，雷德的承诺不过是谈判的“起点”。还有人认为，这两家的拉锯战可能持续五年以上，因为根据规定：医药发展常常耗时数十年之久。首相卡梅伦现在同样表示，他也不满意。在辉瑞收购的问题上，他和工党党首埃德·米利班德就谁态度更强硬一较高下。

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.
然而英国政客都低估了英国对制药企业的吸引力。英国的发明注册仅仅耗费了约10%的利润，包括研发税务减免，以及一项新专利研发经费，如此这般，对英国的顶尖大学而言，是个强有力的拉动。确实，正如政客担心工作岗位流入美国，美国的政客也担心同样的事情。阿斯利康在美国特拉华州和马里兰州有分部，这两个州的州长也在寻求辉瑞给英国同样的保证。目前为止，雷德表示拒绝。

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
辉瑞持乐观态度的深层次原因是，本该由辉瑞为收购该做的不少苦活累活，阿斯利康已经替它做了。过去七年间，阿斯利康在英国已经裁员5100名，还关闭了一个在柴郡的实验室。去年，由于一项专利即将期满，阿斯利康损失大笔收入，也就没有缴纳英国公司所得税。大部分员工和药物研发都流入海外：点击此处查看原文

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帕斯卡尔·索里奥特仍然拒绝辉瑞的收购。他试图让投资者和英国政客相信，虽然落后其竞争对手很多年，但阿斯利康自己情况已经有所好转。他吹嘘自己有渠道搞到治疗癌症的药物，可能获利巨大，但是警告说并购会带来延缓甚至死亡。一名议员此前称，英国政客目前似乎并不想再捍卫其“最高权杖”。但是他们会发现，终止并购非常困难。最终的决定取决于阿斯利康的各个股东，他们中有不少人热切的盼望着辉瑞的下一次开价。