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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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AstraZeneca: Takeover would 'create risks'

British drug company AstraZeneca have issued a statement regarding their rejection to a takeover bid by US pharmaceutical company Pfizer, saying that shareholders are "strongly advised to take no action" regarding today's news.

The statement by the Chairman of AstraZeneca said:

AstraZeneca continues to invest significantly in research, development and manufacturing in the U.K., Sweden and the U.S.

We are showing strong momentum as an independent company, in particular with our exciting, rapidly progressing pipeline, which the Board believes will deliver significant value for shareholders.

Pfizer’s proposal would dramatically dilute AstraZeneca shareholders’ exposure to our unique pipeline and would create risks around its delivery.

As such, the Board has no hesitation in rejecting the Proposal.

– Leif Johansson, Chairman of AstraZeneca

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