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A week after AstraZeneca rejected what it called a “final” takeover offer from rival drugmaker Pfizer, Pfizer has decided to give up its attempt to take over the company.
In a statement on Monday, Pfizer said that it does not plan on making another offer to AstraZeneca. Ian Read, Chairman and CEO of Pfizer, said that they considered their last offer “compelling” and that AstraZeneca would have been a great asset to Pfizer.
“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,” Read’s full statement read. “As we said from the start, the pursuit of this transaction was a potential enhancement to our existing strategy. We will continue our focus on the execution of our plans, bringing forth new treatments to meet patients’ needs and remaining responsible stewards of our shareholders’ capital.”
Pfizer made one last offer to AstraZeneca last week, but AstraZeneca’s board rejected it. The offer was reportedly worth around $119 billion, which AstraZeneca believed “undervalues the company and its attractive prospects.”
According to USA Today, the U.S.-based Pfizer has been trying at least since January to buy AstraZeneca, which is based in London. However, AstraZeneca continued to reject every offer, even as Pfizer continued to offer more money.
If the two companies did merge, it is possible that it would have become the biggest drugmaker in the world. Pfizer, which makes Viagra and Lipitor, is already the second largest in the world, behind Novartis. AstraZeneca, which makes Crestor and Symbicort, is the eighth largest.