U.S. drugmaker Pfizer Inc increased its offer for AstraZeneca Plc to 63 billion pounds ($106 billion) on Friday, but the British company promptly rejected the proposal, which would create the world's biggest pharmaceuticals company.AstraZeneca's board said the offer "substantially undervalues" the company and was not an adequate basis on which to engage with its suitor.Industry analysts said that raised the possibility that Pfizer would now take the takeover plan, which would boost its pipeline of cancer drugs and create significant tax and cost savings, direct to AstraZeneca shareholders.The U.S. group would much prefer an agreed deal, since hostile takeovers typically take longer, require a higher final price and carry more risks because the bidder cannot access the target's books to assess its business.
AstraZeneca PLC (AstraZeneca) is a global biopharmaceutical company. Shares of AZN traded higher by 2.58% or $2.04/share to $81.09. In the past year, the shares have traded as low as $46.87 and as high as $82.68. On average, 3321590 shares of AZN exchange hands on a given day and today's volume is recorded at 13110758.
Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. Shares of PFE fell by 0.42% or $-0.13/share to $31.15. In the past year, the shares have traded as low as $27.12 and as high as $32.96. On average, 29318400 shares of PFE exchange hands on a given day and today's volume is recorded at 41508096.
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