The board of AstraZeneca has rejected Pfizer's $119 billion proposal and this has immediately affected the stocks on the financial markets, thus causing them to plunge slightly.
The board has explained in an official statement that "reiterates its confidence in AstraZeneca's ability to deliver on its prospects as an independent, science led business."
Pfizer, one of the biggest revenue producers in the world, and the second largest drug-producer by revenue, has been trying to buy No. 8 AstraZeneca since last winter, saying that theor businesses are almost the same and complement each other. Last Sunday, Pfizer raised its offer by 15 percent to $118.8 billion, which is equal to 70.73 billion pounds. This would be one of the most powerful and rich acquisitions in the history of the drug-making business, based on numbers from the research firm Dealogic.
AstraZeneca has immediately rejected the offer, claiming that Pfizer has made "an opportunistic attempt to acquire a transformed AstraZeneca, without reflecting the value of its exciting pipeline of experimental drugs.''
Pfizer will not propose a raise in offer, and has decided to stay away from any additional negotiations.
"This has been going on for quite some time and we have been in very deep engagement over the whole of the weekend," AstraZeneca Chairman Leif Johansson has explianed to the BBC. "If Pfizer now says this is the final offer I have to believe what they say."
