Pfizer is reportedly looking to acquire companies to contribute to its revenue growth, but according to bidnessetc.com sources, Israel-based Teva Pharmaceutical Industries is not interested.
Sources report that Teva rejected Pfizer's acquisition offer, instead choosing to pursue acquisitions of its own. Pfizer, on the hunt for strategic assets to strengthen its portfolio, was primarily interested in Teva's $9.2 billion generic drug business.
Now, according to Bloomberg, Pfizer has $33 billion in cash and is currently "exploring" the best way to use it. Recent patent losses have increased pressure on the drugmaker to consider all possible value-adding options.
Last May, AstraZeneca rejected a $119 billion takeover offer from Pfizer, which would have created the world’s largest drug company, as well as lowered NY-based Pfizer's tax rates by moving its official headquarters to London.
Bloomberg analysts predict Pfizer hasn’t ruled out an inversion deal, but also speculate that the company taking a very disciplined financial approach to future acquisitions -- an approach which may have cost them the AstraZeneca deal.