Biotech Values

[DewDiligence]

AZN took only four hours to reject PFE’s sweetened offer of $84.47/sh*:

http://online.wsj.com/news/articles/SB10001424052702303678404579536931759280594

AstraZeneca PLC on Friday rejected an improved takeover offer from Pfizer Inc. worth more than $106 billion, saying the proposal substantially undervalued the company and putting the onus back on Pfizer Chief Executive Ian Read to either raise his bid again, go directly to shareholders, or walk away.

The sweetened offer of 1.845 shares in the combined company and £15.98 ($26.96) in cash for each share of AZN is about 7% better than the offer PFE made in Jan 2014 and disclosed a few days ago.

*$84.47 nominal value is based on the current exchange rate and PFE’s closing price of $31.15 on 5/1/14.