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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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Labour welcomes AstraZeneca's rejection of Pfizer bid

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.

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