US/UK: Pfizer, AstraZeneca merger bites the dust

Just days after UK pharmaceutical firm AstraZeneca rejected a $119 billion acquisition bid, Pfizer says it will no longer pursue the acquisition, ending the chances of a new top industry player of emerging.

Pfizer announced Monday it would no longer pursue AstraZeneca and would not consider a hostile takeover bid. Under UK competition rules, according to reports, Pfizer cannot submit another bid for the company for six months.

The US pharmaceutical firm’s news came on the last possible day for it to decide whether it would pursue another acquisition attempt or not.

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