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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 boss: AstraZeneca takeover 'win-win for society'

The head of US pharmaceutical giant Pfizer has said his company's proposed £63bn takeover of AstraZeneca would be a "win-win for society".

Ian Read spoke out after politicians and unions raised concerns that the move would result in a loss of jobs and a hollowing out of the UK's science base.

Pfizer chief executire Ian Read says the the AstraZeneca bid will be a 'win-win'. Credit: Associated Press

Speaking in a video on Pfizer's website, Mr Read said the takeover would "strengthen the ability to bring products to patients" and help the company "invest in science".

"I see this as a win-win for society, a win-win for shareholders, and a win-win for stakeholders," he added.

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