Pfizer Drops Offer for AstraZeneca

May 27, 2014

Credit creative commons

Pfizer has decided not to make a takeover offer for AstraZeneca.

And that has state Delaware state officials expressing relief that AstraZeneca’s thousands of jobs in the state will be untouched.

The announcement yesterday came after the AstraZeneca rejected the proposed purchase price of $119 billion from Pfizer, the world’s second largest drug manufacturer.

The Wilmington News Journal reports that under British law Pfizer cannot make another bid for another six months but with one exception -- it can do so as soon as 90 days if AstraZeneca invites another offer.

There are 26-hundred Astra-Zeneca employees in Delaware.

Governor Jack Markell issued a statement saying that he hopes yesterday’s announcement provides more certainty for its employees in the state.

Markell and Maryland Governor Martin O’Malley had pressed Pfizer earlier this month about the impact of the acquisition would have on those workers.