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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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Committee to consider AstraZeneca takeover by Pfizer

The potential merger of pharmaceutical companies AstraZeneca and Pfizer will be considered by the Science and Technology Committee in a one-off session to be held on 14 May.

The Labour party has been calling for a public interest test to be carried out on the potential merger Credit: JESSICA GOW / TT/TT News Agency/Press Association Images

The Committee will take evidence from both companies and from David Willetts MP, the Minister for Universities and Science, on the potential impact on the 30,000 British jobs supported by AstraZeneca.

Andrew Miller MP, who chairs the committee, said the hearing "will be an opportunity for us to scrutinise the pledges on research and development being made as part of this potential takeover, and pose questions about how the Government will ensure that these commitments are met.”

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