Pfizer confirmed on Monday the end of its audacious bid to buy AstraZeneca, Britain's second-largest pharmaceutical company.
In a statement, Pfizer said it "does not intend to make an offer for AstraZeneca" in the wake of the British company's rejection of what the American drug giant called its final offer earlier this month. The cash-and-share offer, which valued AstraZeneca at about $119 billion, would have created he world's largest pharmaceutical company.
Pfizer had indicated that it would not pursue a hostile bid, which would allow AstraZeneca's shareholders to vote on the deal without the approval of AstraZeneca's board. Under British takeover rules, Pfizer cannot come back with another offer for AstraZeneca for six months. The earliest it could offer a higher price would be in three months if AstraZeneca's board agreed to the talks.
"We continue to believe that our final proposal was compelling and represented full value for AstraZeneca based on the information that was available to us," Ian Read, Pfizer's chairman and chief executive, said in a statement. "As we said from the start, the pursuit of this transaction was a potential enhancement to our existing strategy."
The advances by Pfizer, the maker of best-selling drugs like Lipitor and Viagra, pitted two of the world's largest drug makers against each other, with powerful political forces from Westminster to the United States weighing in on corporate taxes, cancer research and pharmaceutical jobs in Britain, where an economic recovery is underway but employment remains shaky.
Chad Bray contributed reporting.
source : http://rss.nytimes.com/c/34625/f/640316/s/3ad70718/sc/24/l/0Ldealbook0Bnytimes0N0C20A140C0A50C260Cpfizers0Esays0Eits0Ebid0Efor0Eastrazeneca0Eis0Edead0C0Dpartner0Frss0Gemc0Frss/story01.htm
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