Pfizer gives up $117 billion pursuit of AstraZenaca

US drug major Pfizer today shelved its $117-billion takeover bid of AstraZenaca on the day of expiry of the offer as the British pharmaceutical company remained firm in opposing the deal. "Following the AstraZeneca board's rejection of the proposal, Pfizer announces that it does not intend to make an offer for AstraZeneca," the company said in a statement. Commenting on the development, Pfizer Chairman and CEO Ian Read said: ...