AstraZeneca turns down Pfizer's increased bid of $106B

|About: AstraZeneca Group plc (AZN)|By:, SA News Editor

AstraZeneca (AZN) has rejected Pfizer's (PFE) improved bid of $106B, saying the offer undervalues the British drugmaker.

"Pfizer's proposal would dramatically dilute AstraZeneca shareholders' exposure to our unique pipeline and would create risks around its delivery," says Chairman Leif Johansson.

AstraZeneca's shares are +0.1% premarket. (PR)