LONDON/NEW YORK, May 26 (Reuters) – Pfizer said on
Monday it had abandoned its current attempt to buy AstraZeneca
for nearly 70 billion pounds ($118 billion) as a
deadline approached without a last-minute change of heart by the
Pfizer had until 5.00 pm (1600 GMT) on May 26 to make a firm
offer or walk away, under UK takeover rules. Its decision to
quit the stage, at least for now, had been widely expected after
AstraZeneca refused its final offer of 55 pounds a share.
LONDON, May 21 (Reuters) – Pfizer’s chances of
striking a deal to buy AstraZeneca in the coming days
look vanishingly small, but the notion it could return later
this year is propping up the British drugmaker’s shares.
The stock rose 3 percent on Wednesday, despite AstraZeneca
insisting on Tuesday there wasn’t the slightest chance of
Pfizer’s $118 billion offer being increased by a May 26 deadline
set by UK takeover rules.
LONDON, May 20 (Reuters) – AstraZeneca’s confidence
in its promising new drugs may have seen off Pfizer’s
$118 billion takeover bid for now, but investors are left
contemplating the lessons from 2004, when it was also trumpeting
its product pipeline.
AstraZeneca became renowned a decade ago for talking up the
prospects for its new treatments under former chief executive
Tom McKillop, only to see key experimental medicines tumble like
ninepins in a series of development setbacks.