Why Pfizer (PFE) Stock Is Up Today

NEW YORK (TheStreet) -- Pfizer  (PFE) rose Monday amid reports that the U.S. pharmaceutical giant has approached British rival AstraZeneca  (AZN) about a $101 billion takeover.

Britain's Sunday Times cited senior investment bankers and other sources within the industry to report the two companies have had informal conversations about a deal, but talks were not under way after AstraZeneca resisted Pfizer's advances.

AstraZeneca is Britain's second-largest pharmaceutical group.

The stock was up 2.08% to $30.88 at 1:42 p.m.

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PFE Chart

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