AstraZeneca rejects Pfizer's raised bid of $106 b.

US pharma major Pfizer's third attempt to acquire AstraZeneca with a sweetened offer of $106 billion was rejected.

This is the third time that AstraZeneca has rejected Pfizer's offer and the second in less than a week. Pfizer, the New York-headquartered maker of cholesterol drug Lipitor and Viagra had made an offer of $100 billion earlier.

'Pfizer announces that, having consulted with major shareholders, it has submitted a revised written proposal to AstraZeneca Plc to make an offer to combine the two companies,' the company said in a statement.

London-based AstraZeneca said the financial and other terms described in the proposal are inadequate and substantially undervalue the company.

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