NEW YORK (TheStreet) -- AstraZeneca (AZN) stock is soaring in morning trading Monday after drugmaker Pfizer (PFE) confirmed previous merger discussions and its intention to continue attempts to acquire the smaller pharmaceuticals company.
By midmorning, shares had popped 14.4% to $78.54.
In a statement, Pfizer said its previous attempts to purchase AstraZeneca in January had been met with "limited high-level discussions." However, recent market developments encouraged management to pursue continued M&A discussions.
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