NEW YORK (TheStreet) -- AstraZeneca (AZN - Get Report) stock is soaring in morning trading Monday after drugmaker Pfizer (PFE - Get Report) 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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