Pfizer (PFE) Abandons AstraZeneca Bid
Shares of Pfizer Inc. (PFE) were up +0.21 or +0.71 percent to $29.70 per share in pre-market trading this morning. The company announced yesterday that it was abandoning its $118 billion bid for UK pharmaceutical giant AstraZeneca (AZN). Pfizer issued a statement yesterday two hours before the 12:00PM EST deadline for AstraZeneca to counter the bid or walk away.
Pfizer stock closed at $29.49 per share on Friday, down -0.17 or -0.57 percent in Fridayâ s regular trading session.
New York City based Pfizer Inc. is the largest pharmaceutical company in the world by revenue. Pfizerâ s biggest products include Lipitor, used for lowering cholesterol, Diflucan, an oral antifungal medication, Viagra, for erectile dysfunction and Celebrex, an anti inflammatory drug. The companyâ s pipeline is an industry leader and is currently working on developing treatments for cancer and Alzheimerâ s disease. The decision by Pfizer follows AstraZenecaâ s boardâ s rejection of its latest
Published on May 27, 2014
By Jay Hawk