(MENAFN) Pfizer, the US pharmaceutical giant, proposed a USD101 billion takeover of AstraZeneca, its British rival, The Peninsula Qatar reported.
According to a local newspaper, informal talks about a deal were held between the senior investment bankers and industry sources, but talks currently came to a halt after AstraZeneca declined the approach.
With AstraZeneca's struggle with patents expiring on a number of its best-selling drugs, Britain's second-biggest pharmaceuticals group became a frequent potential takeover target.
Both companies have worked together on multiple projects such as the recent pioneering of a new kind of clinical trial for cancer drugs.
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