Viagra drugs made by Pfizer and Nexiam (Generic name - Esomeprazole) made by the pharmaceutical firm AstraZeneca in a Pharmacy on May 15, 2014 in Johannesburg.
Christopher Furlong—Getty Images
May 19, 2014 5:38 AM EDT

AstraZeneca has rejected Pfizer’s improved “final” bid of $92 per share, which would have made the British pharmaceutical giant worth about $116 billion, saying that the new offer “undervalues the company and its attractive prospects.”

The pursuit by American firm Pfizer’s, based on a strategy to cut its tax expenses, has been scrutinized out of fears that it would impede AstraZeneca’s drug research and cut jobs.

The debate over a potential takeover has embroiled both politicians and trade unions in the U.K., where AstraZeneca currently employes 6,700 people. AstraZeneca’s shares fell over 13% in early trading after the rejection of the offer.


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