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Pfizer says it won't make offer for AstraZeneca

NEW YORK (AP) — Pfizer says it does not intend to make a takeover offer for British drugmaker AstraZeneca.

The announcement Monday comes a week after AstraZeneca’s board rejected a proposed $119 billion buyout offer from Pfizer, the world’s second-biggest drugmaker by revenue.

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Pfizer Chairman and CEO Ian Read says the company’s final proposal represented full value for AstraZeneca.

Pfizer, the maker of Lipitor and Viagra, has been courting No. 8 AstraZeneca since January, saying their businesses would be stronger together.

Pfizer had been waiting for AstraZeneca to engage in merger talks by a Monday deadline.

Pfizer has previously said it would not make a hostile takeover bid directly to AstraZeneca’s stockholders.

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