Date
24 September 2017
Pfizer is expected to walk away from its bid to buy AstraZeneca. Photo: Bloomberg
Pfizer is expected to walk away from its bid to buy AstraZeneca. Photo: Bloomberg

Pfizer set to walk away from AstraZeneca bid

It looks like it’s all off.

Bloomberg reported Monday that Pfizer Inc., the biggest drugmaker in the United States, is giving up on its US$117 billion bid to buy London-based AstraZeneca Plc.

The report cited an unnamed person familiar with the plan as saying that Monday’s deadline for Pfizer to make a firm offer is almost certain to lapse, putting an end for now to what would have been the industry’s biggest deal.

“The probability of a future AstraZeneca acquisition is dimmed, but not entirely extinguished,” Mark Purcell, an analyst with Barclays Plc, said in a note to clients.

For talks to begin anew after three months, AstraZeneca must invite the discussion, the report said.

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RA/SK

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