Pfizer Inc. (PFE) Chief Financial Officer Frank D’Amelio said the company’s $117 billion bid for AstraZeneca Plc (AZN) broke down over price.
Pfizer, the largest U.S. drugmaker, set a ceiling for how much it would pay for London-based AstraZeneca and wasn’t willing to go over that limit, D’Amelio said today at an investment conference organized by Goldman Sachs Group Inc. While New York-based Pfizer can approach AstraZeneca again after a U.K. regulatory period ends in six months, D’Amelio said he couldn’t comment about whether it will do so.
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