AstraZeneca rejects Pfizer's raised bid of $106 billion

By Ben Hirschler LONDON (Reuters) - U.S. drugmaker Pfizer Inc increased its offer for AstraZeneca Plc to 63 billion pounds ($106 billion) on Friday, but the British company promptly rejected the proposal, which would create the world's biggest pharmaceuticals company. AstraZeneca's board said the offer undervalued the company "substantially" and was not an adequate basis on which to engage with its suitor. Industry analysts and investors said that raised the possibility that Pfizer would now take the takeover plan, which would boost its pipeline of cancer drugs and create significant tax and cost savings, direct to AstraZeneca shareholders. One AstraZeneca investor said Pfizer management had made clear in meetings this week that it wanted a friendly deal but it was determined to the see the transaction completed and a hostile bid was a potential "tool".

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