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.
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.