AstraZeneca upbeat about 'independent' future as Pfizer walks away

27th May 2014 07:11

AstraZeneca has hailed its future as an "independent company" after US pharmaceutical giant Pfizer withdrew its takeover bid for the Anglo-Swedish group.Following continued rejections from AstraZeneca's board, Pfizer said on Monday that it "does not intend to make an offer".Pfizer had until May 26th to further improve its latest £55-a-share bid, though it had already said that this was its "final proposal".The offer, which valued the London-listed group at £69bn, was said to be only a "minor improvement" on the previous bid and "undervalues the company and its attractive prospects".Pfizer must now wait six months before making another bid, unless it is invited to do so by AstraZeneca itself.Leif Johansson, Chairman of AstraZeneca, said: "We note Pfizer's confirmation that it no longer intends to make an offer for AstraZeneca. We welcome the opportunity to continue building on the momentum we have already demonstrated as an independent company."We are fully focused on the delivery of our strategy. We have attractive growth prospects and a rapidly progressing pipeline. In the coming months, we anticipate positive news flow across our core therapeutic areas, which underpins our confidence in the long-term prospects of the business."Johansson also thanked Chief Executive Officer Pascal Soriot, his management team and all AstraZeneca employees for their "dedication and focus over a period of uncertainty".BC