AstraZeneca says Pfizer bid approach 'opportunistic'

Politics Reuters

British drugs company AstraZeneca said its bigger U.S. rival Pfizer was making an "opportunistic attempt" to buy the company for a price that didn't reflect the value of its "exciting pipeline" of new drugs.

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In response to an appeal from Pfizer for it to enter negotiations, AstraZeneca said Pfizer's announcement on Tuesday contained no new proposal nor substantive new information.

(Reporting by Paul Sandle; editing by Ben Hirschler)