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.
Pfizer has until Monday until it admits defeat in bidding for AstraZeneca. But after the shenanigans of the past few days we cannot be sure.
AstraZeneca's share price is tumbling back down to earth after the board rejected a "final" Pfizer bid. So is the takeover really over?
Sweden's Finance Minister says the Government should be "very, very sceptical" about any promises the US pharmaceutical giant makes.