Following AstraZenaca’s board’s rejection of the roughly $120 billion offer, Pfizer announced that it does not intend to make any more offers for AstraZeneca.
“We continue to believe that our final proposal was compelling and represented full value for AstraZeneca based on the information that was available to us. As we said from the start, the pursuit of this transaction was a potential enhancement to our existing strategy. We will continue our focus on the execution of our plans, bringing forth new treatments to meet patients’ needs and remaining responsible stewards of our shareholders’ capital,” said Ian Read, Chairman and CEO of Pfizer.
Both companies posted a drop in sales in 2013; Pfizer’s revenue faded by 6% and AstraZenaca’s revenues were off 8% across the board.