The stock market can be a funny place. Less than a year ago shares in AstraZeneca (LSE: AZN) were changing hands for just over £30 per share.
The company was seen as one of the weakest players in the global pharmaceutical industry, facing years of declining sales and profits as some of its blockbuster drugs came off patent and became exposed to competition from cheap generic ones. Yet value is often in the eye of the beholder.
US drug giant Pfizer has had two bids (the latest being tabled at £50 per share) for AstraZeneca rejected, because the management [...]
Want to read this article now?
Already a MoneyWeek subscriber? Please log in below.
Not a subscriber? Sign-up now for a 4 week FREE trial to get instant access.