Pfizer sweetens deal for AstraZeneca

US giant Pfizer has made an improved offer to buy AstraZeneca, the UK's second largest pharmaceuticals company, raising its bid to £50 a share.

The revised deal - financed by a combination of cash and shares - represents a 32% premium to AstraZeneca's share price prior to the initial takeover announcement last month. It is also a 22% premium to AstraZeneca's all time high closing price (prior to 17 April 2014) of £41.03 since the company formed in 1999. Ian Read, chairman and CEO of Pfizer, said: "We have seen significant positive market reaction to the announcement we made on April 28, including from the shareholders of both our companies. "The consistent message we have heard reinforces our belief that there is a highly ...