Pfizer Deal for AstraZeneca Off
The potential M&A deal between pharmaceutical companies Pfizer and AstraZeneca,
previously reported on gtnews
, is off. A final proposal to AstraZeneca from Pfizer to combine the two companies was rejected by the AstraZeneca board, after which Pfizer announced that it does not intend to make an offer for AstraZeneca.
“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,” said Ian Read, chairman and CEO of Pfizer. “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.”
Under the rules governing the takeover of public companies, Pfizer now has to wait six months before making a fresh bid, unless invited to do so by AstraZeneca in the meantime.