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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: Our AstraZeneca jobs pledge is legally binding

US drug firm Pfizer has claimed its commitments to preserving British jobs if it takes over AstraZeneca are legally binding.

A statement to politicians ahead of a May 13 panel meeting, the firm announced:

To ensure our commitments are binding, we included them with our proposed offer announcement understanding fully that they would be binding as a matter of English law.

Pfizer has given a five-year commitment to complete AstraZeneca's new research centre in Cambridge, retain a factory in Macclesfield and put a fifth of its research staff in the UK if a deal is agreed.

But the firm has also said it could adjust those promises if circumstances change "significantly".

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