Dive Brief:
- London-based AstraZeneca has rejected Pfizer’s latest $119 billion offer.
- Pfizer does not plan to pursue a hostile takeover.
- AstraZeneca believes in the value of its pipeline and predicts strong earnings within the next decade.
Dive Insight:
Though things don’t look too promising right now, if Pfizer were to successfully buy AstraZeneca, it would be the largest deal in pharmaceutical history—a deal worth a total of $124 billion. Many AstraZeneca shareholders are in favor of the deal.
AstraZeneca continues to position itself for an independent future based on a promising pipeline, including several oncology drugs, as well as cardiovascular and asthma therapeutics. AstraZeneca predicts sales of $45 billion by 2023, up from $25.7 billion in 2013.