AstraZeneca Board Rejects New Offer From Pfizer

NEW YORK (AP) — The board of directors of British drug maker AstraZeneca says it rejects the raised $119 billion takeover offer from U.S. drugmaker Pfizer.

In a statement released today, AstraZeneca's board said it "reiterates its confidence in AstraZeneca's ability to deliver on its prospects as an independent, science led business."

Pfizer Inc., the world's second-biggest drugmaker by revenue, has been courting No. 8 AstraZeneca PLC since January, saying their businesses are complementary and would be stronger together. It said Sunday it was ready to raise its stock-and-cash offer by 15 percent to $118.8 billion, or 70.73 billion pounds.

AstraZeneca's board said it believes Pfizer is making "an opportunistic attempt to acquire a transformed AstraZeneca, without reflecting the value of its exciting pipeline."

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