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Pfizer admits defeat on AstraZeneca bid

US pharmaceuticals giant Pfizer has called off its multi-billion pound bid to take over British-Swedish firm AstraZeneca. The decision came after AstraZeneca's board declined an offer worth almost £70bn.

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Pfizer CEO writes to Cameron over takeover bid

The Chief Executive of US pharmaceutical giant Pfizer has written to Prime Minister David Cameron, in attempt to smooth relations with the UK government over its pursuit of AstraZeneca.

In a deal that could create the world's biggest drugs company, as well as the biggest takeover of a UK company in history.

Chief Executive Ian Read wrote to David Cameron promising to complete a substantial new research centre in Cambridge and retain a manufacturing plant in Macclesfield.

The current Pfizer site in Sandwich, Kent. Credit: Gareth Fuller/PA Wire

"We would like to assure the government of our long term commitment to the UK where Pfizer already employs a significant number of colleagues across Research, Commercial, and Administrative roles," the company said on Friday.

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