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
Jay Hawk
Jay Hawk enjoyed a 12-year professional financial markets career incorporating extensive first hand futures and options experience obtained by trading in the stock, commodity and forex markets on U.S. exchanges. Since retiring as a full-time financial market professional, he has been actively trading stock, commodities, forex and options for his own account and managing funds for others, as well as writing financial market commentary and educational articles.

Copyrighted 2020. Content published with author's permission.

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