US drugmaker Pfizer has abandoned its multi-billion takeover bid for UK pharmaceutical firm AstraZeneca.
The US company said it would not pursue the takeover past a bid deadline on Monday.
AstraZeneca rejected a final offer earlier this month saying the proposal undervalued the company and its “attractive prospects”.
Under UK takeover rules Pfizer must wait six months if it is to make a fresh bid unless invited to do so by AstraZeneca.
Pfizer met with opposition to its bid on a number of fronts though some investors had made it clear they wanted AstraZeneca to engage with the US company.
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