US drug giant Pfizer increases offer to buy AstraZeneca

US drugmaker Pfizer has said it had raised its offer for British rival AstraZeneca to £55 a share and increased the cash element to 45 percent.

AstraZeneca rejected an earlier of cash-and-stock approach worth £50 a share on May 2, arguing it substantially undervalued the company.

Read: Pfizer boss claims AstraZeneca jobs pledge is legally binding

Read: Ed Miliband: 'Serious concerns' over proposed Pfizer deal

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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.