Labour has welcomed the AstraZeneca board's rejection of an apparently final £69 billion bid by US drug firm Pfizer, while continuing its criticism of the Government for "cheerleading" the attempted takeover bid.
Shadow business secretary Chuka Umunna said:
Ultimately it is for the shareholders to determine, but it is welcome the AstraZeneca board has remained resolute and sought to act in the best long-term interests of the company and its vital work in developing new life-saving drugs.
Pfizer has said today that it will not seek to launch a hostile bid and must not renege on this promise.
Where David Cameron and his government have failed to act, the next Labour government will act to introduce a strengthened public interest test to better protect Britain's science base.