Soaring AstraZeneca helps drive FTSE higher

The FTSE 100 has risen in early trading as news of a fresh Pfizer approach for AstraZeneca sparks a 15% jump in the UK group's share price.

Confirmation from US group Pfizer that it had made a January offer for AstraZeneca pushed shares up to £46.89, around the level at which Pfizer valued AstraZeneca in its January proposal. The spike follows a 12% rise for the group's share price last week as news of the initial approach first surfaced. That proposal was rejected by the UK firm, as was an attempt by Pfizer to renew discussions this Saturday (26 April), but investors remain interested in the prospect of major M&A in the sector. That helped push up other pharmaceutical stocks, with Shire rising 2.1% to £38.12 and Glaxo...