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Pfizer Inc. (PFE) Officially Ditches Pursuit Of AstraZeneca PLC (AZN)



5/27/2014 6:35:11 AM

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Pfizer has given up on its attempt to take over the British pharmaceutical company AstraZeneca.

The American drug maker announced Monday that it was withdrawing its latest in a series of unsolicited offers.

That bid valued AstraZeneca (AZN) at nearly $120 billion, a 45% premium over the company's share price in mid-April. If the deal had been accepted, it would have been one of the biggest drug takeovers in history.

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