Pfizer kills bid for UK rival after rejection
Print Edition
PFIZER yesterday said it had abandoned its current attempt to buy AstraZeneca for nearly 70 billion pounds (US$118 billion) as a deadline approached without a last-minute change of heart by the British drugmaker.
“Following the AstraZeneca board’s rejection of the proposal, Pfizer announces that it does not intend to make an offer for AstraZeneca,” Pfizer said in a news release.
Pfizer had until yesterday to make a firm offer or walk away, under UK takeover rules. Its decision to quit the stage, at least for now, had been widely expected after AstraZeneca refused its final offer of 55 pounds a share.
The biggest US drugmaker promised it would not go hostile, leaving the fate of what would have been the world’s largest-ever drugs merger in the hands of its target, whose board would have had to make a complete U-turn to get a deal done.
UK rules now require an enforced cooling-off period.
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