mr. reed, the ceo of pfizer will testify this morning. >>> the blockbuster pipeline could risk being underdeveloped under pfizer's ownership. there's ian reed, speaking before the business select committee. joining us with his thoughts, scott mullerrector of the research and development center at cass business school. there is no agreement at the moment, on the table. >> no. >> we've had a bid than been rejected. >> and a sweetened bid that's been rejected as well. >> we're talking about something that's not even on the table. >> with threats of going hostile possibly too, yes. >> i wonder, if they go hostile, right, in the uk we are fairly open to m&a deals. >> right. >> in some way shareholders or pension funds will take the view, if i get cash out, i don't really care. if i get enough premium, i'll take that cash out, do a good deal, re-invest it in something else. not necessarily the case with pfizer. i wonder whether they'd want pfizer paper. how good are they at creating value? >> that's trabsolutely true. they had known with their acquisitions to be fairly aggressive in terms of trying to take out costs. that's one of the things that of course everybody is really afraid of right here is that they'll try to do the same thin