AstraZeneca Shares Soar on Pfizer Interest

LONDON -- AstraZeneca (AZN) shares have jumped 15 percent in early trading after Pfizer (PFE) publicly disclosed details of a $100 billion bid approach.

PfiZer, the maker of Viagra, said Monday that AstraZeneca rejected an initial approach in January valuing the company at about 59 billion pounds ($100 billion). The cash and shares deal would represent a 30% premium on AstraZeneca's closing share price of 35.26 pounds on Jan. 3, the date of the offer.

Pfizer remains interested and is confident a combination is possible.

 

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