Astra CEO says Pfizer bid a threat to new drug pipeline

Plunging AstraZeneca Plc into a disruptive merger risks destroying value, the drugmaker's chief executive told analysts on Tuesday, as he laid out a defense strategy against a $106 billion bid approach from Pfizer Inc .

"We are in a race with many of our competitors to bring our products to the marketplace as quickly as possible," said Pascal Soriot. "Anything that creates disruption has the potential to destroy value."

(Reporting by Ben Hirschler; editing by Tom Bergin)