UK drugs firm AstraZeneca has rejected the new takeover offer from Pfizer
The US company had earlier raised the price it was offering for AstraZeneca to the equivalent of £50 a share, valuing the firm at £63bn.
But Astra said the new terms offered were, “inadequate, substantially undervalue AstraZeneca and are not a basis on which to engage with Pfizer”.
If the deal were to go through it would be the biggest takeover of a UK company by a foreign firm.
AstraZeneca employs more than 51,000 staff worldwide, with 6,700 in the UK. Pfizer – whose drugs include Viagra – has a global workforce of more than 70,000, with 2,500 in the UK.
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