Today Novartis associates across 55 countries are engaging in local volunteer efforts to support their communities in celebration of the company's annual Community Partnership Day (CPD). This year marks the 18th Community Partnership Day commemorating the 1996 creation of Novartis as a global leader in healthcare. There is strong participation from all Novartis divisions in 2014.

Pfizer Inc. (NYSE: PFE) reported financial results for first-quarter 2014. At the beginning of fiscal year 2014, the company began managing its commercial operations through a new global commercial structure consisting of three operating segments: the Global Innovative Pharmaceutical segment (GIP); the Global Vaccines, Oncology and Consumer Healthcare segment (VOC); and the Global Established Pharmaceutical segment (GEP).

The Board of AstraZeneca PLC has met and considered the letter from Pfizer Inc. The board said it has "no hesitation in rejecting the proposal", which it believed "inadequate, substantially undervalue" the company.

Pfizer Chairman and Chief Executive Officer, Ian Read, today sent the following letter to the Rt Hon David Cameron MP, with respect to Pfizer's commitment to the U.K. and its life sciences agenda following the company’s proposal made to AstraZeneca on May 2, 2014.

Sales of the Bayer Group advanced by 2.8 percent in the first quarter of 2014 to EUR 10,555 million (Q1 2013: EUR 10,266 million). Adjusted for currency and portfolio effects (Fx & portfolio adj.), business expanded by 8.4 percent. EBIT rose by 18.4 percent to EUR 2,096 million (Q1 2013: EUR 1,771 million) after net special items of plus EUR 7 million (Q1 2013: minus EUR 45 million). EBIT before special items increased by 15.0 percent to EUR 2,089 million (Q1 2013: EUR 1,816 million).

Pfizer Inc. confirms that it previously submitted a preliminary, non-binding indication of interest to the board of directors of AstraZeneca in January 2014 regarding a possible merger transaction. After limited high-level discussions, AstraZeneca declined to pursue negotiations.

Subsequent to the quarter end, Novartis announced that it had reached definitive agreements with GlaxoSmithKline plc (GSK) and Eli Lilly and Company (Lilly) on a set of transactions. In an inter-conditional transaction with GSK: (1) Novartis agreed to acquire GSK oncology products and to become GSK's preferred commercialization partner for its oncology pipeline for a USD 14.5 billion payment and up to USD 1.5 billion contingent on a development milestone;