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Pharmaceutical giant Pfizer has abandoned its current attempt to buy AstraZeneca for nearly $118 billion — potentially the third-biggest acquisition in history — as a deadline approached without a last-minute change of heart by the British drugmaker. “Following the AstraZeneca board’s rejection of the proposal, Pfizer announces that it does not intend to make an offer for AstraZeneca,” the U.S. maker of Viagra and Lipitor said in a news release on Monday. Pfizer had until May 26th to make a firm offer or walk away, under British takeover rules. Its decision to quit — at least for now — had been widely expected after AstraZeneca refused its final offer of $92.61, a share.

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