Pfizer Inc. Pulls Offer for AstraZeneca plc; AstraZeneca Shares Fall (PFE, AZN)

AstraZeneca (AZN) shares were lower in pre-market trading on Tuesday morning, after Pfizer (PFE) announced on Monday that it is removing its offer to acquire the UK-based pharmaceutical company.

After having its final proposal rejected by the AZN board last week, Pfizer released a statement on Monday morning stating that the company is no longer making an offer for AstraZeneca.

Pfizer chairman and CEO Ian Read issued the following statement in the company’s press release: "We continue to believe that our final proposal was compelling and represented full value for AstraZeneca based on the information that was available to us. As we said from the start, the pursuit of this transaction was a potential enhancement to our existing strategy. We will continue our focus on the execution of our plans, bringing forth new treatments to meet patients' needs and remaining responsible stewards of our shareholders' capital.”

AstraZeneca shares were down $1.21, or 1.67%, in pre-market trading. YTD, the company’s stock is up 23.4%.

Pfizer shares were up 17 cents, or 0.58%, in pre-market trading. YTD, the company’s stock is down 3.18%.