The business secretary Vince Cable has said that he will protect the UK’s position in the pharmaceutical industry as the largest foreign takeover of a British company looms.

US pharmaceutical company Pfizer has offered £60 billion for its UK rival AstraZeneca, prompting Mr Cable to warn about potential job losses. The takeover has been rejected, but the standoff could still end in a hostile takeover.

Cable, who has called for better protection for British companies from foreign takeovers, said: "My priority is to ensure that the objectives of this government's life sciences industrial strategy are fulfilled. This means ensuring there are high-skilled jobs and long-term investment in research and development in the UK. I am committed to ensuring that the UK continues to be a world-leader in science and pharmaceuticals research and development.

"On the potential merger, the CEO of Pfizer has made contact and informed me of his intentions and I have emphasised the importance of these points."