Pfizer walks away from takeover of AstraZeneca

Pfizer has announced it will no longer be pursuing an acquisition of fellow pharmaceutical company AstraZeneca.

The US drugmaker has been seeking to strike a deal with its British counterpart for a number of weeks, submitting a final offer worth around 69 billion pounds earlier this month. However, AstraZeneca's management decided Pfizer's offer undervalued its business.

As such, Pfizer has confirmed it will be making no further offers to acquire AstraZeneca, although its chairman and chief executive officer Ian Read stated the company continues to believe its final proposal was a "compelling" one.

Mr Read went on to state that his organisation will now return to focusing on developing new treatments and delivering value to its shareholders.

Meanwhile, AstraZeneca's chairman said the conclusion of this period gives the firm the opportunity to continue building on the momentum it has already demonstrated as an independent company.

He added: "We are fully focused on the delivery of our strategy."