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.

Pfizer had until 5pm today to make a new bid or walk away from the process.

"Following the AstraZeneca board's rejection of the proposal, Pfizer announces that it does not intend to make an offer for AstraZeneca," the firm said in a news release.

Read: AstraZeneca: It ain't over until the 26th...

Advertisement

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.