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

The US drugs giant Pfizer, who develop a wide range of vaccines and Viagra, have stepped up its pursuit of Britain's pharmaceutical company AstraZeneca today, by offering a new takeover proposal worth £63 billion.

The takeover could be largest acquisition of a UK company by a foreign business.

The Viagra maker said it hoped the new offer of £50 a share, an increase of its £58bn rebuffed offer in January, will provide the basis for the two companies to enter into discussions over a possible combination.

More: Influential Lord Sainsbury wants Government to block Pfizer takeover of AstraZeneca

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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.