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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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UK drug company AstraZeneca to discuss Pfizer offer

AstraZeneca's board will be reviewing a sweetened takeover offer from Pfizer but the company has no further comment at this stage, a spokeswoman for the British drugmaker said on Friday.

The US drugmaker Pfizer revealed it had raised its offer for the British group to £63 billion pounds.

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

Shares in Astrazeneca have rose to £48.31 in early trading on Friday after Pfizer raised its offer for the British company to £50.00 per share.

Read more: US drug giant to offer £63bn for Britain's AstraZeneca

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