Pfizer Would Benefit From Glaxo Takeover, Deutsche Bank Says

Pfizer Inc. would benefit from a takeover of U.K. rival GlaxoSmithKline Plc, a Deutsche Bank AG analyst wrote in a note to clients titled “Introducing PfizerKline.”

A Glaxo acquisition would be “materially accretive” to earnings, Gregg Gilbert, a Deutsche Bank analyst based in New York, wrote in the note on Wednesday. Such a transaction would also allow Pfizer to “unlock access to its balance sheet and improve its tax situation,” he said. Pfizer hasn’t announced a takeover bid for London-based Glaxo, or indicated an interest.