AstraZeneca rejects new Pfizer proposal

Pfizer continues its approach to AstraZeneca with a new offer of £50 per share valuing the company at around £63 billion. Pfizer is interested in the AstraZeneca oncology pipeline but also in establishing a combined company in the UK to avoid US taxes on its non US profits. The board of AstraZeneca considers the proposal as inadequate and that it substantially undervalues AstraZeneca and is not a basis on which to engage with Pfizer. Accordingly, the AstraZeneca board has rejected the proposal.