Pfizer reiterates $118 billion bid for AstraZeneca was final offer

NEW YORK — Pfizer on Monday reiterated that its bid on May 18 of $118 billion for AstraZeneca was the final offer on the table. 

Following the AstraZeneca board's rejection of the proposal, Pfizer announced that it does not intend to make an offer for AstraZeneca.

“We continue to believe that our final proposal was compelling and represented full value for AstraZeneca based on the information that was available to us," stated Ian Read, Pfizer chairman and CEO. "As we said from the start, the pursuit of this transaction was a potential enhancement to our existing strategy. We will continue our focus on the execution of our plans, bringing forth new treatments to meet patients’ needs and remaining responsible stewards of our shareholders’ capital.”