Deals
AstraZeneca Bullish Options Gain on Pfizer Comeback Bets
This article is for subscribers only.
Traders are snapping up bullish options on AstraZeneca Plc, convinced the prospect of a takeover is still on the table even as U.S. lawmakers threaten to crack down on tax inversions.
Pfizer Inc., which withdrew a $116 billion proposal to buy the London drugmaker after merger talks collapsed in May, was allowed to renew the process as of last week, according to U.K. takeover rules. The cost of bullish options on AstraZeneca’s U.S. shares reached its highest level ever compared with bearish ones, data compiled by Bloomberg show.